Truist Financial Co. (NYSE:TFC) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its stake in Truist Financial Co. (NYSE:TFC) by 59.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,600 shares of the insurance provider’s stock after selling 30,500 shares during the period. Cornerstone Advisors LLC’s holdings in Truist Financial were worth $800,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Salzhauer Michael increased its stake in shares of Truist Financial by 136.6% during the second quarter. Salzhauer Michael now owns 72,172 shares of the insurance provider’s stock valued at $2,804,000 after acquiring an additional 41,672 shares during the period. Menard Financial Group LLC increased its position in shares of Truist Financial by 118.4% during the 2nd quarter. Menard Financial Group LLC now owns 17,823 shares of the insurance provider’s stock valued at $692,000 after purchasing an additional 9,663 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in shares of Truist Financial by 48.2% in the second quarter. Plato Investment Management Ltd now owns 6,537 shares of the insurance provider’s stock valued at $254,000 after buying an additional 2,125 shares during the period. Finally, Poehling Capital Management INC. boosted its stake in Truist Financial by 1.8% during the second quarter. Poehling Capital Management INC. now owns 52,677 shares of the insurance provider’s stock valued at $2,047,000 after buying an additional 931 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $41.88 on Wednesday. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $56.08 billion, a PE ratio of -31.73, a PEG ratio of 1.95 and a beta of 1.06. The company’s 50 day moving average price is $42.67 and its 200 day moving average price is $39.44.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the company posted $0.95 EPS. Truist Financial’s revenue was down 15.9% on a year-over-year basis. Research analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TFC shares. Argus boosted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Bank of America upped their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $45.45.

Truist Financial Profile

Truist Financial Corporation, a financial services 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.