Wellington Management Group LLP Sells 1,642,645 Shares of Truist Financial Corporation $TFC

Wellington Management Group LLP cut its holdings in Truist Financial Corporation (NYSE:TFC) by 15.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 8,985,087 shares of the insurance provider’s stock after selling 1,642,645 shares during the period. Wellington Management Group LLP’s holdings in Truist Financial were worth $447,637,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial during the fourth quarter valued at $26,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Truist Financial during the second quarter valued at $30,000. Navigoe LLC purchased a new stake in shares of Truist Financial during the second quarter valued at $30,000. Finally, McMillan Office Inc. bought a new stake in Truist Financial in the 4th quarter worth about $31,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other Truist Financial 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 value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Evercore reissued an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Finally, Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.12.

Truist Financial Stock Up 0.3%

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

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

Truist Financial Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Truist Financial 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.