Wellington Management Group LLP Sells 67,892 Shares of Truist Financial Corporation $TFC

Wellington Management Group LLP reduced its position in Truist Financial Corporation (NYSE:TFC) by 58.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,955 shares of the insurance provider’s stock after selling 67,892 shares during the quarter. Wellington Management Group LLP’s holdings in Truist Financial were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Centennial Bank AR boosted its position in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 580 shares during the period. Motco boosted its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 468 shares during the last quarter. Sierra Ocean LLC boosted its position in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 352 shares during the last quarter. Finally, Rossby Financial LCC bought a new position in shares of Truist Financial during the first quarter worth $43,000. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Tuesday, July 8th. Morgan Stanley restated a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, TD Cowen started coverage on shares of Truist Financial in a research note on Thursday, May 15th. They set a “hold” rating and a $44.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.47.

Truist Financial Price Performance

Truist Financial stock opened at $46.89 on Friday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a market cap of $60.46 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.75 and a beta of 0.87. 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 fifty day moving average is $44.45 and its 200 day moving average is $41.74.

Truist Financial (NYSE:TFC) last announced its earnings results 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 net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period in the prior year, the company posted $0.91 EPS. The company’s revenue was down 406.0% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. Truist Financial’s dividend payout ratio is currently 56.68%.

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.