UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 1,174,117 Shares of Truist Financial Corporation $TFC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 12.9% during the second quarter, HoldingsChannel.com reports. The firm owned 7,932,304 shares of the insurance provider’s stock after selling 1,174,117 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Truist Financial were worth $395,187,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of TFC. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial in the 4th quarter valued at $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial during the fourth quarter worth $26,000. N.E.W. Advisory Services LLC bought a new stake in Truist Financial in the second quarter valued at about $30,000. Navigoe LLC bought a new stake in Truist Financial in the second quarter valued at about $30,000. Finally, McMillan Office Inc. acquired a new position in Truist Financial in the fourth quarter valued at about $31,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Bank of America reiterated a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Evercore reissued an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $55.12.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

TFC stock opened at $50.46 on Monday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $61.64 billion, a PE ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89. The business’s 50-day moving average price is $51.47 and its two-hundred day moving average price is $49.64.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. As a group, research analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.