Truist Financial Corporation $TFC Shares Sold by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. lowered its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,155,611 shares of the insurance provider’s stock after selling 28,428 shares during the period. Royal London Asset Management Ltd.’s holdings in Truist Financial were worth $57,573,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at $25,000. Swiss RE Ltd. bought a new stake in shares of Truist Financial during the fourth quarter valued at about $26,000. N.E.W. Advisory Services LLC acquired a new stake in Truist Financial in the second quarter worth about $30,000. Navigoe LLC acquired a new stake in Truist Financial in the second quarter worth about $30,000. Finally, McMillan Office Inc. bought a new position in Truist Financial in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC opened at $50.46 on Friday. The business’s 50-day moving average price is $51.47 and its 200 day moving average price is $49.68. The firm has a market cap of $61.64 billion, a P/E ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the company earned $0.91 EPS. Truist Financial’s revenue was up 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial’s payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Bank of America reiterated a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Robert W. Baird raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Stephens dropped their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $55.12.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company’s stock, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,516 shares of company stock worth $1,584,428 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.