Eastern Bank Has $187,000 Stock Position in Truist Financial Corporation $TFC

Eastern Bank lowered its position in shares of Truist Financial Corporation (NYSE:TFC) by 10.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,359 shares of the insurance provider’s stock after selling 500 shares during the quarter. Eastern Bank’s holdings in Truist Financial were worth $187,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Aberdeen Group plc grew its holdings in Truist Financial by 5.2% during the 2nd quarter. Aberdeen Group plc now owns 1,081,125 shares of the insurance provider’s stock worth $46,678,000 after acquiring an additional 53,910 shares during the last quarter. PDS Planning Inc bought a new stake in Truist Financial during the 2nd quarter worth about $285,000. Commerzbank Aktiengesellschaft FI grew its holdings in Truist Financial by 17.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 54,895 shares of the insurance provider’s stock worth $2,360,000 after acquiring an additional 8,269 shares during the last quarter. Argyle Capital Management LLC grew its holdings in Truist Financial by 5.1% during the 2nd quarter. Argyle Capital Management LLC now owns 49,366 shares of the insurance provider’s stock worth $2,122,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Coerente Capital Management grew its holdings in Truist Financial by 5.8% during the 2nd quarter. Coerente Capital Management now owns 326,644 shares of the insurance provider’s stock worth $14,042,000 after acquiring an additional 17,910 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 4.4%

Truist Financial stock opened at $42.32 on Monday. The company’s 50 day simple moving average is $45.16 and its 200 day simple moving average is $42.17. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market capitalization of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue was down 406.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.9%. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Wall Street Analyst Weigh In

A number of brokerages have commented on TFC. Evercore ISI increased their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley raised their target price on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company’s stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by insiders.

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.