Truist Financial Corporation $TFC Shares Sold by Abacus Planning Group Inc.

Abacus Planning Group Inc. lowered its stake in Truist Financial Corporation (NYSE:TFC) by 5.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,823 shares of the insurance provider’s stock after selling 421 shares during the quarter. Abacus Planning Group Inc.’s holdings in Truist Financial were worth $336,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new position in Truist Financial in the 1st quarter valued at $25,000. Centennial Bank AR lifted its stake in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after buying an additional 580 shares in the last quarter. Motco boosted its position in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. grew its stake in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC grew its stake in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 352 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TFC. Raymond James Financial upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Saturday, September 27th. Evercore ISI upped their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday. Morgan Stanley raised their target price on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction 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 sale, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Up 0.4%

Shares of NYSE TFC opened at $45.53 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a market capitalization of $58.71 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.45 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average of $45.15 and a two-hundred day moving average of $42.07.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial’s revenue was down 406.0% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. On average, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial 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.