First Bank & Trust decreased its holdings in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 35.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,359 shares of the insurance provider’s stock after selling 15,209 shares during the quarter. First Bank & Trust’s holdings in Truist Financial were worth $830,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of TFC. Caprock Group LLC increased its stake in shares of Truist Financial by 49.4% in the first quarter. Caprock Group LLC now owns 21,522 shares of the insurance provider’s stock valued at $734,000 after buying an additional 7,118 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Truist Financial by 4.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 245,646 shares of the insurance provider’s stock valued at $10,570,000 after buying an additional 9,393 shares during the period. Financial Management Professionals Inc. increased its stake in shares of Truist Financial by 874.9% in the first quarter. Financial Management Professionals Inc. now owns 5,118 shares of the insurance provider’s stock valued at $175,000 after buying an additional 4,593 shares during the period. 1834 Investment Advisors Co. increased its stake in shares of Truist Financial by 122.1% in the first quarter. 1834 Investment Advisors Co. now owns 138,195 shares of the insurance provider’s stock valued at $4,712,000 after buying an additional 75,984 shares during the period. Finally, Vise Technologies Inc. increased its stake in shares of Truist Financial by 31.1% in the fourth quarter. Vise Technologies Inc. now owns 8,249 shares of the insurance provider’s stock valued at $355,000 after buying an additional 1,959 shares during the period. Institutional investors and hedge funds own 71.11% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. Morgan Stanley lowered their price objective on Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, July 21st. Piper Sandler cut Truist Financial from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $36.00 to $32.00 in a report on Friday. Stephens reduced their target price on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a report on Monday, July 24th. Odeon Capital Group cut Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 target price on the stock. in a report on Friday, June 16th. Finally, Raymond James upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Thursday, July 6th. They noted that the move was a valuation call. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of “Hold” and an average price target of $39.83.
Truist Financial Price Performance
TFC traded down $0.30 during midday trading on Monday, hitting $28.70. The stock had a trading volume of 4,027,988 shares, compared to its average volume of 12,106,069. The company has a market cap of $38.23 billion, a P/E ratio of 6.71, a price-to-earnings-growth ratio of 1.74 and a beta of 1.05. The business has a fifty day moving average of $31.19 and a 200 day moving average of $31.93. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.82 and a current ratio of 0.83. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $53.34.
Truist Financial (NYSE:TFC – Get Free Report) last issued its earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.08). The firm had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 EPS. As a group, equities analysts forecast that Truist Financial Co. will post 3.78 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 7.25%. The ex-dividend date was Thursday, August 10th. Truist Financial’s dividend payout ratio is currently 48.15%.
Truist Financial Company Profile
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.
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