Insider Selling: Truist Financial (NYSE:TFC) Director Sells 3,986 Shares of Stock

Truist Financial Corporation (NYSE:TFC) 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 transaction, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.57 during trading on Tuesday, hitting $52.70. 2,505,387 shares of the company were exchanged, compared to its average volume of 9,349,255. The business’s 50 day moving average is $49.91 and its 200-day moving average is $49.56. The company has a market capitalization of $65.65 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. 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 Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. Equities analysts forecast that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Robert W. Baird boosted their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Morgan Stanley reissued an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Evercore reiterated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Stephens lowered their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $54.61.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently made changes to their positions in TFC. Pinnacle Financial Partners Inc. lifted its holdings in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after purchasing an additional 40,393 shares in the last quarter. Ritholtz Wealth Management raised its holdings in Truist Financial by 91.9% during the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after buying an additional 21,903 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares in the last quarter. LBP AM SA bought a new position in shares of Truist Financial in the fourth quarter valued at $10,836,000. Finally, Carnegie Investment Counsel grew its holdings in shares of Truist Financial by 57.8% during the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after buying an additional 38,750 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

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.