Truist Financial Co. (NYSE:TFC) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC decreased its stake in Truist Financial Co. (NYSE:TFC) by 7.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,761 shares of the insurance provider’s stock after selling 1,002 shares during the period. Lake Street Advisors Group LLC’s holdings in Truist Financial were worth $357,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fairfield Bush & CO. acquired a new stake in Truist Financial during the 1st quarter worth $25,000. Winch Advisory Services LLC acquired a new stake in Truist Financial during the 1st quarter worth $26,000. JFS Wealth Advisors LLC boosted its stake in Truist Financial by 617.0% during the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 833 shares during the period. GW&K Investment Management LLC acquired a new stake in Truist Financial during the 1st quarter worth $31,000. Finally, Quarry LP acquired a new stake in Truist Financial during the 1st quarter worth $32,000. Institutional investors and hedge funds own 71.11% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC traded up $0.52 during mid-day trading on Friday, hitting $31.97. 6,919,719 shares of the company’s stock traded hands, compared to its average volume of 9,564,968. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $53.34. The company has a market cap of $42.64 billion, a PE ratio of 8.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09. The firm’s 50 day simple moving average is $28.89 and its 200 day simple moving average is $30.20. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.02). Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business earned $1.24 earnings per share. Truist Financial’s revenue for the quarter was down 2.7% on a year-over-year basis. Sell-side analysts expect that Truist Financial Co. will post 3.76 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a special dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, November 9th. This represents a dividend yield of 7.4%. Truist Financial’s dividend payout ratio is currently 52.39%.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. purchased 10,000 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were bought at an average cost of $28.05 per share, with a total value of $280,500.00. Following the purchase, the chief executive officer now directly owns 412,924 shares of the company’s stock, valued at $11,582,518.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TFC. Bank of America decreased their price target on shares of Truist Financial from $35.00 to $32.00 in a research note on Tuesday, October 10th. Jefferies Financial Group cut their price objective on shares of Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Citigroup cut their price objective on shares of Truist Financial from $41.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, July 24th. StockNews.com assumed coverage on shares of Truist Financial in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, HSBC assumed coverage on shares of Truist Financial in a research report on Thursday, September 7th. They set a “hold” rating and a $29.00 price objective for the company. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.76.

Truist Financial 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.