Crossmark Global Holdings Inc. Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Crossmark Global Holdings Inc. lessened its holdings in Truist Financial Co. (NYSE:TFC) by 11.3% during the 2nd quarter, Holdings Channel reports. The firm owned 80,200 shares of the insurance provider’s stock after selling 10,259 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Truist Financial were worth $3,116,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Crewe Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the first quarter worth about $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. Missouri Trust & Investment Co lifted its stake in shares of Truist Financial by 227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after buying an additional 593 shares during the period. Finally, Rise Advisors LLC purchased a new stake in Truist Financial in the 1st quarter worth approximately $32,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC stock opened at $44.46 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $59.54 billion, a price-to-earnings ratio of -33.68, a PEG ratio of 2.07 and a beta of 1.06. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The company’s 50-day simple moving average is $41.49 and its 200-day simple moving average is $38.73.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping 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 the consensus estimate of $4.83 billion. During the same quarter last year, the business posted $0.95 EPS. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. Equities analysts anticipate that Truist Financial Co. will post 3.56 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.68%. Truist Financial’s payout ratio is -157.58%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TFC. Keefe, Bruyette & Woods increased their price target on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Argus increased their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. HSBC lifted their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Stephens upped their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Finally, Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating 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 assigned a buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $45.30.

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.