GHP Investment Advisors Inc. Has $1.60 Million Stock Position in Truist Financial Co. (NYSE:TFC)

GHP Investment Advisors Inc. cut its position in Truist Financial Co. (NYSE:TFC) by 2.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 41,106 shares of the insurance provider’s stock after selling 952 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Truist Financial were worth $1,597,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Parnassus Investments LLC acquired a new position in shares of Truist Financial in the 4th quarter worth approximately $95,049,000. Rafferty Asset Management LLC boosted its stake in Truist Financial by 47.7% in the fourth quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after purchasing an additional 382,976 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Truist Financial by 4.1% in the fourth quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock valued at $23,050,000 after buying an additional 24,535 shares in the last quarter. Norden Group LLC bought a new position in shares of Truist Financial in the first quarter valued at about $2,351,000. Finally, Nordea Investment Management AB lifted its position in Truist Financial by 44.4% during the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after buying an additional 834,048 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

TFC opened at $41.84 on Friday. The stock has a market cap of $56.03 billion, a P/E ratio of -31.70, a P/E/G ratio of 1.95 and a beta of 1.06. Truist Financial Co. has a 12 month low of $26.57 and a 12 month 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 company has a fifty day simple moving average of $42.53 and a 200 day simple moving average of $39.31.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was down 15.9% compared to the same quarter last year. On average, research analysts expect that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Wednesday, July 17th. The Goldman Sachs Group boosted their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.45.

Insider Activity

In related news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 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 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 owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on 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. Corporate insiders own 0.17% of the company’s stock.

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.