Kennebec Savings Bank Decreases Holdings in Truist Financial Corporation $TFC

Kennebec Savings Bank decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,516 shares of the insurance provider’s stock after selling 447 shares during the period. Kennebec Savings Bank’s holdings in Truist Financial were worth $409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. ASR Vermogensbeheer N.V. grew its position in shares of Truist Financial by 4.8% during the 2nd quarter. ASR Vermogensbeheer N.V. now owns 106,783 shares of the insurance provider’s stock valued at $4,590,000 after acquiring an additional 4,901 shares during the period. Naples Global Advisors LLC grew its position in shares of Truist Financial by 14.2% during the 2nd quarter. Naples Global Advisors LLC now owns 16,471 shares of the insurance provider’s stock valued at $708,000 after acquiring an additional 2,051 shares during the period. Consolidated Planning Corp bought a new stake in shares of Truist Financial during the 2nd quarter valued at $236,000. Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of Truist Financial by 0.3% during the 2nd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 437,087 shares of the insurance provider’s stock valued at $18,790,000 after acquiring an additional 1,437 shares during the period. Finally, Trust Co. of Vermont grew its position in shares of Truist Financial by 1.0% during the 2nd quarter. Trust Co. of Vermont now owns 29,976 shares of the insurance provider’s stock valued at $1,289,000 after acquiring an additional 308 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.3%

Shares of NYSE TFC opened at $45.60 on Thursday. The firm’s 50-day moving average price is $45.15 and its 200-day moving average price is $42.01. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $58.79 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 1.47 and a beta of 0.88. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period last year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is 56.68%.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on TFC. Evercore ISI upped their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Morgan Stanley boosted their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

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.