MBL Wealth LLC Reduces Stock Holdings in Truist Financial Corporation $TFC

MBL Wealth LLC lowered its position in Truist Financial Corporation (NYSE:TFC) by 5.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,296 shares of the insurance provider’s stock after selling 585 shares during the quarter. MBL Wealth LLC’s holdings in Truist Financial were worth $443,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Apexium Financial LP grew its holdings in shares of Truist Financial by 10.8% in the second quarter. Apexium Financial LP now owns 6,018 shares of the insurance provider’s stock valued at $259,000 after purchasing an additional 587 shares during the period. Hennessy Advisors Inc. lifted its position in Truist Financial by 12.3% in the second quarter. Hennessy Advisors Inc. now owns 36,500 shares of the insurance provider’s stock valued at $1,569,000 after buying an additional 4,000 shares during the last quarter. Keystone Financial Group Inc. lifted its position in Truist Financial by 1.3% in the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock valued at $942,000 after buying an additional 266 shares during the last quarter. New Century Financial Group LLC lifted its position in Truist Financial by 3.6% in the second quarter. New Century Financial Group LLC now owns 27,969 shares of the insurance provider’s stock valued at $1,202,000 after buying an additional 964 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new position in Truist Financial in the second quarter valued at about $182,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $45.53 on Friday. The firm has a market capitalization of $58.71 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.46 and a beta of 0.88. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm’s 50 day moving average is $45.15 and its two-hundred day moving average is $42.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent analyst reports. Morgan Stanley upped 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 report on Monday, September 29th. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Evercore ISI upped their target price on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, 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 report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the firm’s 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 directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

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.