Marshall Wace LLP Sells 480,125 Shares of Truist Financial Co. (NYSE:TFC)

Marshall Wace LLP cut its stake in Truist Financial Co. (NYSE:TFC) by 81.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 106,680 shares of the insurance provider’s stock after selling 480,125 shares during the quarter. Marshall Wace LLP’s holdings in Truist Financial were worth $4,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Norden Group LLC purchased a new stake in Truist Financial during the 1st quarter valued at $2,351,000. Nordea Investment Management AB lifted its holdings in Truist Financial by 44.4% in the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares during the period. CreativeOne Wealth LLC purchased a new position in Truist Financial in the first quarter worth about $516,000. BlueChip Wealth Advisors LLC purchased a new position in Truist Financial in the fourth quarter worth about $3,879,000. Finally, M&G Plc bought a new stake in shares of Truist Financial during the 2nd quarter valued at about $2,804,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.1 %

TFC opened at $41.78 on Thursday. The company has a market capitalization of $55.95 billion, a PE ratio of -31.65, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. The firm has a 50-day simple moving average of $42.69 and a two-hundred day simple moving average of $39.86. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors 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 yield of 4.98%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Analyst Ratings Changes

Several brokerages have recently weighed in on TFC. Bank of America increased their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Argus lifted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group boosted 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. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $45.45.

Insider Activity at Truist Financial

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

Truist Financial Company 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.