AlTi Global Inc. Trims Position in Truist Financial Co. (NYSE:TFC)

AlTi Global Inc. lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,203 shares of the insurance provider’s stock after selling 2,640 shares during the quarter. AlTi Global Inc.’s holdings in Truist Financial were worth $668,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new stake in Truist Financial in the first quarter worth about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Truist Financial in the 1st quarter worth approximately $29,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial in the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial during the second quarter valued at approximately $31,000. Finally, Rise Advisors LLC purchased a new stake in Truist Financial in the first quarter worth $32,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TFC shares. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Stephens reaffirmed an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Robert W. Baird lowered 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. Finally, 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 report on Tuesday, July 23rd. One equities 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $45.45.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction 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 completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost 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 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 owned by insiders.

Truist Financial Stock Down 0.6 %

Truist Financial stock opened at $41.73 on Thursday. The stock has a market cap of $55.88 billion, a PE ratio of -31.61, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06. 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 fifty day moving average of $42.82 and a 200 day moving average of $39.63. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the prior year, the business earned $0.95 EPS. The business’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.98%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.