Hodges Capital Management Inc. Decreases Stake in Truist Financial Co. (NYSE:TFC)

Hodges Capital Management Inc. lessened its stake in Truist Financial Co. (NYSE:TFC) by 6.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,623 shares of the insurance provider’s stock after selling 493 shares during the quarter. Hodges Capital Management Inc.’s holdings in Truist Financial were worth $257,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Archer Investment Corp boosted its position in Truist Financial by 15.8% during the second quarter. Archer Investment Corp now owns 13,409 shares of the insurance provider’s stock worth $521,000 after purchasing an additional 1,831 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Truist Financial by 0.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 114,915 shares of the insurance provider’s stock valued at $4,464,000 after acquiring an additional 918 shares during the last quarter. Octavia Wealth Advisors LLC increased its holdings in Truist Financial by 49.5% during the 2nd quarter. Octavia Wealth Advisors LLC now owns 31,483 shares of the insurance provider’s stock valued at $1,223,000 after acquiring an additional 10,419 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in Truist Financial during the second quarter worth about $842,000. Finally, Fiduciary Family Office LLC lifted its holdings in shares of Truist Financial by 1.0% in the second quarter. Fiduciary Family Office LLC now owns 39,878 shares of the insurance provider’s stock valued at $1,549,000 after purchasing an additional 411 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

TFC has been the subject of several research reports. Barclays lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Morgan Stanley increased their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI reissued an “in-line” rating and issued a $44.00 target price on shares of Truist Financial in a research note on Thursday, May 9th. Bank of America raised their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada boosted their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $45.30.

Truist Financial Price Performance

Shares of NYSE TFC opened at $43.62 on Thursday. The business has a 50 day moving average price of $42.07 and a two-hundred day moving average price of $38.98. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. The firm has a market cap of $58.41 billion, a PE ratio of -33.05, a price-to-earnings-growth ratio of 2.09 and a beta of 1.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.77%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

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.