Huber Capital Management LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Huber Capital Management LLC decreased its position in Truist Financial Co. (NYSE:TFC) by 13.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 131,464 shares of the insurance provider’s stock after selling 21,189 shares during the period. Truist Financial accounts for about 1.2% of Huber Capital Management LLC’s investment portfolio, making the stock its 27th biggest position. Huber Capital Management LLC’s holdings in Truist Financial were worth $5,107,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Crewe Advisors LLC purchased a new stake in shares of Truist Financial in the 1st quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Truist Financial in the first quarter valued at about $29,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter worth about $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial during the 2nd quarter worth about $31,000. Finally, Rise Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at about $32,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $42.32 on Friday. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market cap of $56.63 billion, a P/E ratio of -32.06, a P/E/G ratio of 1.98 and a beta of 1.06. The business’s 50 day moving average price is $42.81 and its 200 day moving average price is $39.53.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. Truist Financial’s payout ratio is currently -157.58%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TFC shares. Argus lifted their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Stephens reiterated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group raised their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.45.

About Truist Financial

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.