Burgundy Asset Management Ltd. Has $92.36 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Burgundy Asset Management Ltd. trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC) by 25.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,377,381 shares of the insurance provider’s stock after selling 822,145 shares during the period. Burgundy Asset Management Ltd.’s holdings in Truist Financial were worth $92,361,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several brokerages recently weighed in on TFC. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada boosted their price target on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group increased their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.45.

Insider Activity at Truist Financial

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Cynthia B. Powell sold 6,688 shares of the firm’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 transaction of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the 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 transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Truist Financial Trading Up 0.3 %

Truist Financial stock opened at $42.02 on Thursday. The business has a 50 day moving average price of $42.73 and a two-hundred day moving average price of $39.46. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $45.31. The stock has a market cap of $56.27 billion, a price-to-earnings ratio of -31.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 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 business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the company posted $0.95 earnings per share. Truist Financial’s revenue was down 15.9% on a year-over-year basis. As a group, equities analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.95%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

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.