Legacy Financial Advisors Inc. Reduces Position in Truist Financial Co. (NYSE:TFC)

Legacy Financial Advisors Inc. lowered its position in Truist Financial Co. (NYSE:TFC) by 4.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,017 shares of the insurance provider’s stock after selling 4,082 shares during the quarter. Truist Financial makes up approximately 0.6% of Legacy Financial Advisors Inc.’s portfolio, making the stock its 27th biggest position. Legacy Financial Advisors Inc.’s holdings in Truist Financial were worth $3,303,000 at the end of the most recent quarter.

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

Truist Financial Price Performance

TFC stock opened at $42.32 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’s 50 day moving average price is $42.81 and its 200 day moving average price is $39.53. The firm has a market cap of $56.63 billion, a P/E ratio of -32.06, a PEG ratio of 1.98 and a beta of 1.06. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $45.31.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. On average, sell-side analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TFC shares. Argus raised their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.45.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’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 transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’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 acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. 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.