Truist Financial Co. (NYSE:TFC) Shares Sold by Harmony Asset Management LLC

Harmony Asset Management LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 35.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,555 shares of the insurance provider’s stock after selling 3,100 shares during the quarter. Harmony Asset Management LLC’s holdings in Truist Financial were worth $216,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Parnassus Investments LLC purchased a new stake in shares of Truist Financial during the 4th quarter worth about $95,049,000. Rafferty Asset Management LLC raised its stake in shares of Truist Financial by 47.7% during the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after buying an additional 382,976 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of Truist Financial by 4.1% during the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after buying an additional 24,535 shares during the period. Norden Group LLC purchased a new position in shares of Truist Financial during the 1st quarter valued at approximately $2,351,000. Finally, Nordea Investment Management AB grew its stake in Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group raised 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 analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Price Performance

Shares of TFC opened at $42.32 on Monday. The firm has a 50-day simple moving average of $42.81 and a two-hundred day simple moving average of $39.56. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $56.63 billion, a PE ratio of -32.06, a P/E/G ratio of 1.98 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued 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. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s quarterly revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

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

Insider Transactions at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the 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 filing with the SEC, which can be accessed through the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

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.