Trust Co. of Virginia VA Has $728,000 Holdings in Truist Financial Corporation (NYSE:TFC)

Trust Co. of Virginia VA cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 7.7% in the second quarter, Holdings Channel reports. The institutional investor owned 19,372 shares of the insurance provider’s stock after selling 1,617 shares during the quarter. Trust Co. of Virginia VA’s holdings in Truist Financial were worth $728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the company. CAPROCK Group Inc. lifted its holdings in shares of Truist Financial by 2.9% during the first quarter. CAPROCK Group Inc. now owns 10,348 shares of the insurance provider’s stock worth $319,000 after buying an additional 294 shares during the last quarter. Optimum Investment Advisors increased its holdings in shares of Truist Financial by 1.3% in the first quarter. Optimum Investment Advisors now owns 23,132 shares of the insurance provider’s stock worth $713,000 after acquiring an additional 301 shares in the last quarter. Thompson Investment Management Inc. increased its holdings in shares of Truist Financial by 1.2% in the second quarter. Thompson Investment Management Inc. now owns 26,268 shares of the insurance provider’s stock worth $986,000 after acquiring an additional 315 shares in the last quarter. Piedmont Investment Advisors Inc. increased its holdings in shares of Truist Financial by 1.3% in the first quarter. Piedmont Investment Advisors Inc. now owns 25,627 shares of the insurance provider’s stock worth $790,000 after acquiring an additional 326 shares in the last quarter. Finally, Hallmark Capital Management Inc. increased its holdings in shares of Truist Financial by 0.5% in the second quarter. Hallmark Capital Management Inc. now owns 60,639 shares of the insurance provider’s stock worth $2,277,000 after acquiring an additional 326 shares in the last quarter. Institutional investors own 72.03% of the company’s stock.

A number of research analysts recently issued reports on TFC shares. Credit Suisse Group decreased their price objective on Truist Financial from $55.00 to $42.00 and set a “neutral” rating for the company in a report on Monday, April 6th. UBS Group increased their price objective on Truist Financial to $36.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Morgan Stanley increased their price objective on Truist Financial from $37.00 to $39.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. BMO Capital Markets increased their price objective on Truist Financial from $42.00 to $47.00 in a report on Friday, July 17th. Finally, Argus decreased their price objective on Truist Financial from $65.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. Truist Financial currently has a consensus rating of “Buy” and an average price target of $46.55.

TFC opened at $37.46 on Friday. Truist Financial Corporation has a 12-month low of $24.01 and a 12-month high of $56.92. The stock has a market cap of $50.18 billion, a price-to-earnings ratio of 9.60, a PEG ratio of 1.36 and a beta of 1.45. The business has a 50 day moving average of $37.31 and a 200-day moving average of $40.36. The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.68.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, July 16th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.18. Truist Financial had a return on equity of 8.07% and a net margin of 17.32%. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period last year, the firm posted $1.09 earnings per share. As a group, analysts expect that Truist Financial Corporation will post 3.32 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.81%. Truist Financial’s payout ratio is 41.19%.

In other news, COO William H. Rogers, Jr. sold 86,287 shares of the firm’s stock in a transaction that occurred on Friday, July 17th. The stock was sold at an average price of $36.70, for a total value of $3,166,732.90. Following the completion of the sale, the chief operating officer now directly owns 782,386 shares of the company’s stock, valued at $28,713,566.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nido R. Qubein purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of $37.98 per share, with a total value of $379,800.00. Following the completion of the acquisition, the director now owns 65,325 shares in the company, valued at approximately $2,481,043.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 101,087 shares of company stock valued at $3,639,169. Insiders own 0.35% of the company’s stock.

About Truist Financial

Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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