Truist Financial Corp, a financial institution, has recently reduced its ownership stake in Sunrun Inc., an energy company listed on the NASDAQ stock exchange. According to a disclosure filed with the Securities & Exchange Commission, Truist Financial Corp decreased its holdings by 38.3% during the first quarter of this year.
At the end of the reporting period, Truist Financial Corp owned 14,620 shares of Sunrun’s stock, after selling 9,084 shares. Based on recent market valuations, these shares were estimated to be worth $295,000.
Sunrun recently announced its financial performance for the previous quarter ending on August 2nd. The company reported earnings per share (EPS) of $0.25 for the quarter. This surpassed analysts’ consensus estimates of ($0.34), representing a positive surprise of $0.59 per share.
Additionally, Sunrun achieved a net margin of 3.66% and a return on equity of 1.18%. The company generated revenue totaling $590.20 million during the quarter, slightly below analyst expectations of $627.73 million. However, it is important to note that this figure represented a 1.0% increase compared to revenue from the same quarter last year.
Looking ahead to the current fiscal year, equities research analysts anticipate that Sunrun will report earnings per share of -1.1.
It is noteworthy that Truist Financial Corp’s decision to reduce its stake in Sunrun could indicate their perception of changes or potential challenges within the energy sector or specific concerns about Sunrun’s operations.
By monitoring such developments and analyzing quarterly reports like these from companies like Sunrun Inc., investors and market observers gain valuable insights into various industries and can make informed decisions regarding their investment portfolios.
As always, it is crucial for stakeholders to conduct thorough research and consult with professional financial advisors before making any investment-related decisions. The stock market is subject to volatility, and individual stock performance can be influenced by various factors such as industry trends, company-specific risks, and macroeconomic conditions.
Sunrun Inc. Faces Ownership Adjustments and Insider Sales as Large Investors Make Moves
Sunrun Inc., a leading provider of residential solar energy systems, has seen several adjustments to its ownership by large investors in recent months. Notably, Salem Investment Counselors Inc. increased its stake in the company by an impressive 3,750.0% during the first quarter of this year. This increase saw Salem Investment Counselors now owning 1,540 shares of Sunrun’s stock valued at $47,000 after buying an additional 1,500 shares.
In addition to Salem Investment Counselors, Exchange Traded Concepts LLC also lifted its position in Sunrun by 40.0% during the first quarter. This increase amounted to 879 additional shares for a total ownership of 3,075 shares with a value of $62,000. Compagnie Lombard Odier SCmA joined these investors and acquired a new position in Sunrun during the fourth quarter worth approximately $72,000.
Furthermore, Nisa Investment Advisors LLC significantly increased its stake in Sunrun by an impressive 683.9% during the first quarter. The firm now holds 9,180 shares of the energy company’s stock valued at $185,000 after purchasing an additional 8,009 shares during the period.
Finally, US Bancorp DE raised its holdings in Sunrun by 123.5%, making it another notable investor in the company’s stock. US Bancorp DE now owns 6,534 shares with a value of $198,000 after acquiring an additional 3,611 shares during the last quarter.
It is worth noting that approximately 92.33% of Sunrun’s stock is currently owned by hedge funds and other institutional investors.
The fluctuation in ownership comes as several equities research analysts have weighed in on Sunrun’s prospects and provided insights into its performance and potential growth trajectory. Guggenheim lowered their price objective on the company’s shares from $37.00 to $34.00, rating it a “buy.” Truist Financial also decreased their target price from $35.00 to $30.00.
Susquehanna dropped their price objective from $42.00 to $40.00 and Barclay’s reduced their target price from $31.00 to $27.00. KeyCorp lowered their price objective from $27.00 to $24.00 but maintained an “overweight” rating for the stock.
Despite these varied opinions and adjustments, Sunrun currently holds a consensus rating of “Moderate Buy,” with a consensus target price of $33.85 based on data from Bloomberg.com.
In other news surrounding Sunrun, CEO Mary Powell recently sold 1,969 shares of the company’s stock at an average price of $17.56, generating total proceeds of approximately $34,575.64 from the transaction. Following this sale, Powell now owns 415,759 shares valued at around $7,300,728.04.
Another notable insider sale occurred when Director Lynn Michelle Jurich sold 3,428 shares at an average price of $18.61, resulting in a total amount of $63,795.08 being generated from the transaction.
Overall, insiders have sold approximately 104,499 shares of Sunrun stock within the past three months alone valued at approximately $2,048,105 in total proceeds. It is worth noting that company insiders currently hold a stake of 3.76% in the company.
As of August 28th, Sunrun’s stock opened at a price of $13.91 on NASDAQ.
The company has experienced fluctuations in its share prices throughout the year with a 52-week low at $13.30 and a 52-week high at $39.13.
With a market capitalization valued at approximately $3.02 billion and several adjustments to its ownership structure by large investors, Sunrun continues to navigate the dynamic landscape of the solar energy industry.
Source: beststocks.com
