Probity Advisors Inc. trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 12.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,347 shares of the insurance provider’s stock after selling 1,136 shares during the quarter. Probity Advisors Inc.’s holdings in Truist Financial were worth $318,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale boosted its position in Truist Financial by 10.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 216,577 shares of the insurance provider’s stock worth $7,925,000 after purchasing an additional 20,728 shares in the last quarter. Twin Capital Management Inc. purchased a new stake in Truist Financial during the third quarter worth $972,000. Kentucky Retirement Systems purchased a new stake in Truist Financial during the second quarter worth $2,817,000. New York State Common Retirement Fund boosted its position in Truist Financial by 7.8% during the second quarter. New York State Common Retirement Fund now owns 3,158,981 shares of the insurance provider’s stock worth $118,620,000 after purchasing an additional 228,155 shares in the last quarter. Finally, Copper Rock Capital Partners LLC purchased a new stake in Truist Financial during the second quarter worth $13,344,000. Institutional investors own 73.36% of the company’s stock.
Several analysts have recently issued reports on the company. ValuEngine upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, November 10th. Bank of America reduced their price objective on Truist Financial from $51.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Raymond James upped their price objective on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, September 18th. Wolfe Research assumed coverage on Truist Financial in a research report on Friday, July 31st. They issued an “outperform” rating on the stock. Finally, Zacks Investment Research upgraded Truist Financial from a “sell” rating to a “hold” rating and set a $40.00 price objective on the stock in a research report on Friday, August 21st. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $44.68.
In related news, Director K. David Jr. Boyer sold 957 shares of the company’s stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $46.80, for a total value of $44,787.60. Following the sale, the director now directly owns 8,000 shares of the company’s stock, valued at $374,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Brantley J. Standridge sold 1,500 shares of the stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $45.10, for a total transaction of $67,650.00. Following the transaction, the vice president now owns 12,510 shares in the company, valued at $564,201. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,771 shares of company stock valued at $512,710. 0.35% of the stock is owned by insiders.
Shares of TFC stock traded down $1.04 during trading hours on Tuesday, reaching $47.53. The company had a trading volume of 49,274 shares, compared to its average volume of 6,485,420. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.91 and a current ratio of 0.93. Truist Financial Co. has a twelve month low of $24.01 and a twelve month high of $56.92. The company has a market capitalization of $65.48 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 1.43 and a beta of 1.40. The stock’s fifty day simple moving average is $42.67 and its 200 day simple moving average is $38.80.
Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, October 15th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Truist Financial had a return on equity of 7.76% and a net margin of 16.95%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.48 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up 85.1% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Co. will post 3.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Thursday, November 12th. Truist Financial’s dividend payout ratio is currently 41.19%.
Truist Financial Profile
Truist Financial Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals 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.
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