Stock Yards Bank & Trust Co. Reduces Stock Holdings in Truist Financial Co. (NYSE:TFC)

Stock Yards Bank & Trust Co. reduced its holdings in Truist Financial Co. (NYSE:TFC) by 21.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,017 shares of the insurance provider’s stock after selling 20,776 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Truist Financial were worth $3,031,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Truist Financial during the fourth quarter worth $307,787,000. Capital International Investors increased its position in Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares during the last quarter. Parnassus Investments LLC purchased a new position in Truist Financial during the fourth quarter worth about $95,049,000. Azora Capital LP purchased a new position in Truist Financial during the fourth quarter worth about $72,498,000. Finally, Jennison Associates LLC boosted its stake in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after buying an additional 1,261,598 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on TFC shares. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Barclays increased their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Bank of America increased their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $45.45.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Down 0.6 %

Shares of NYSE:TFC opened at $41.88 on Wednesday. The firm’s 50 day moving average price is $42.67 and its 200 day moving average price is $39.44. The stock has a market cap of $56.08 billion, a price-to-earnings ratio of -31.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was down 15.9% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. Truist Financial’s payout ratio is currently -157.58%.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.