Short Interest in Truist Financial Co. (NYSE:TFC) Declines By 14.9%

Posted by MarketBeat News on Aug 3rd, 2022

Truist Financial logo Truist Financial Co. (NYSE:TFC – Get Rating) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 12,120,000 shares, a decrease of 14.9% from the June 30th total of 14,250,000 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average trading volume of 7,430,000 shares, the short-interest ratio is currently 1.6 days.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $47.78, for a total value of $6,813,714.68. Following the completion of the transaction, the chief executive officer now owns 862,590 shares in the company, valued at approximately $41,214,550.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.31% of the company’s stock.

Institutional Trading of Truist Financial

A number of hedge funds have recently made changes to their positions in the stock. WealthShield Partners LLC raised its position in Truist Financial by 0.5% during the fourth quarter. WealthShield Partners LLC now owns 30,950 shares of the insurance provider’s stock valued at $1,812,000 after acquiring an additional 163 shares in the last quarter. Good Life Advisors LLC raised its position in Truist Financial by 2.1% during the fourth quarter. Good Life Advisors LLC now owns 7,838 shares of the insurance provider’s stock valued at $459,000 after acquiring an additional 163 shares in the last quarter. Cetera Investment Advisers raised its position in Truist Financial by 0.6% during the fourth quarter. Cetera Investment Advisers now owns 32,460 shares of the insurance provider’s stock valued at $1,901,000 after acquiring an additional 178 shares in the last quarter. Samalin Investment Counsel LLC raised its position in Truist Financial by 5.5% during the fourth quarter. Samalin Investment Counsel LLC now owns 3,771 shares of the insurance provider’s stock valued at $221,000 after acquiring an additional 195 shares in the last quarter. Finally, B. Riley Wealth Management Inc. raised its position in Truist Financial by 5.4% during the fourth quarter. B. Riley Wealth Management Inc. now owns 3,922 shares of the insurance provider’s stock valued at $230,000 after acquiring an additional 200 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC stock opened at $49.62 on Wednesday. The firm has a 50-day moving average of $48.05 and a two-hundred day moving average of $53.76. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $66.06 billion, a PE ratio of 11.25, a P/E/G ratio of 2.20 and a beta of 1.12. Truist Financial has a one year low of $44.68 and a one year high of $68.95.

Truist Financial (NYSE:TFC – Get Rating) last posted its quarterly earnings results on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.65 billion. Truist Financial had a net margin of 27.25% and a return on equity of 12.14%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.55 earnings per share. On average, analysts forecast that Truist Financial will post 4.96 earnings per share for the current year.

Truist Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 12th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.19%. This is a positive change from Truist Financial’s previous quarterly dividend of $0.48. The ex-dividend date is Thursday, August 11th. Truist Financial’s dividend payout ratio is 43.54%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TFC. StockNews.com lowered shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, May 25th. The Goldman Sachs Group reduced their price objective on shares of Truist Financial from $68.00 to $57.00 and set a “buy” rating for the company in a research report on Tuesday, May 31st. Stephens reduced their price objective on shares of Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Bank of America lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price objective for the company. in a research report on Friday, April 8th. Finally, Citigroup reduced their price objective on shares of Truist Financial from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $57.58.

Truist Financial Company Profile

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Truist Financial Corporation, a holding 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.