Tidal Investments LLC Cuts Position in Truist Financial Corporation $TFC

Tidal Investments LLC lowered its holdings in Truist Financial Corporation (NYSE:TFC) by 7.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 157,439 shares of the insurance provider’s stock after selling 12,864 shares during the quarter. Tidal Investments LLC’s holdings in Truist Financial were worth $7,844,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in TFC. BlackRock Inc. purchased a new position in Truist Financial in the second quarter valued at about $4,959,834,000. Pinnacle Financial Partners Inc. boosted its stake in shares of Truist Financial by 30.0% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after acquiring an additional 367,291 shares in the last quarter. Franklin Street Advisors Inc. NC grew its holdings in shares of Truist Financial by 129.1% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after acquiring an additional 20,991 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Truist Financial by 4,694.8% in the 2nd quarter. California State Teachers Retirement System now owns 97,097,187 shares of the insurance provider’s stock worth $4,837,382,000 after acquiring an additional 95,072,155 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on TFC. Robert W. Baird lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Bank of America restated 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. Stephens cut their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus target price of $55.12.

Truist Financial Stock Up 0.2%

TFC opened at $50.43 on Friday. The firm has a market cap of $61.61 billion, a P/E ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.88. The business’s fifty day simple moving average is $51.55 and its 200 day simple moving average is $49.52. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

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

Truist Financial Dividend Announcement

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

Insider Activity

In related news, Director K. Boyer, Jr. sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William Rogers, Jr. sold 13,250 shares of the firm’s 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last 90 days. Insiders own 0.15% of the company’s stock.

Truist Financial Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.