Oak Hill Wealth Advisors LLC Reduces Stock Position in Truist Financial Corporation $TFC

Oak Hill Wealth Advisors LLC reduced its position in shares of Truist Financial Corporation (NYSE:TFC) by 4.7% in the second quarter, HoldingsChannel.com reports. The firm owned 13,844 shares of the insurance provider’s stock after selling 677 shares during the period. Oak Hill Wealth Advisors LLC’s holdings in Truist Financial were worth $629,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TFC. Wealth Preservation Advisors LLC bought a new position in Truist Financial in the first quarter worth about $25,000. Centennial Bank AR increased its stake in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco increased its stake in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC increased its stake in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC stock opened at $45.53 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average price of $45.15 and a 200 day moving average price of $42.07. The stock has a market cap of $58.71 billion, a PE ratio of 12.41, a P/E/G ratio of 1.45 and a beta of 0.88.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial’s quarterly revenue was down 406.0% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. Equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TFC shares. Evercore ISI raised their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Finally, Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $48.89.

About Truist Financial

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.