Sumitomo Life Insurance Co. lessened its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 10.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,955 shares of the insurance provider’s stock after selling 1,857 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Truist Financial were worth $620,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Franklin Street Advisors Inc. NC lifted its holdings in shares of Truist Financial by 3.2% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 16,489 shares of the insurance provider’s stock valued at $641,000 after purchasing an additional 518 shares during the last quarter. NORTHSTAR ASSET MANAGEMENT Co LLC purchased a new stake in shares of Truist Financial during the second quarter valued at $279,000. Gradient Investments LLC lifted its position in Truist Financial by 182.0% during the 2nd quarter. Gradient Investments LLC now owns 6,195 shares of the insurance provider’s stock worth $241,000 after acquiring an additional 3,998 shares during the period. Blue Trust Inc. increased its holdings in shares of Truist Financial by 4.0% in the second quarter. Blue Trust Inc. now owns 37,713 shares of the insurance provider’s stock valued at $1,470,000 after purchasing an additional 1,452 shares during the period. Finally, Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of Truist Financial by 13.1% during the second quarter. Comprehensive Financial Consultants Institutional Inc. now owns 27,369 shares of the insurance provider’s stock worth $1,063,000 after purchasing an additional 3,162 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.
Analyst Upgrades and Downgrades
TFC has been the topic of a number of research reports. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. The Goldman Sachs Group increased their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.30.
Read Our Latest Report on Truist Financial
Insider Activity
In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was 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. Insiders own 0.17% of the company’s stock.
Truist Financial Stock Up 0.4 %
Shares of TFC opened at $42.53 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market cap of $56.91 billion, a P/E ratio of -32.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.06. The company’s 50-day moving average price is $40.23 and its 200 day moving average price is $38.31. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31.
Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Co. will post 3.56 earnings per share for the current year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. Truist Financial’s dividend payout ratio is presently -157.58%.
Truist Financial Company 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.
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Source: defenseworld.net
