Driehaus Capital Management LLC Has $478,000 Holdings in Truist Financial Co. (NYSE:TFC)

Driehaus Capital Management LLC cut its position in shares of Truist Financial Co. (NYSE:TFC) by 32.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,312 shares of the insurance provider’s stock after selling 5,864 shares during the quarter. Driehaus Capital Management LLC’s holdings in Truist Financial were worth $478,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Capital Investment Counsel Inc increased its position in shares of Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after buying an additional 244 shares during the period. Verum Partners LLC increased its position in shares of Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after buying an additional 261 shares during the period. CX Institutional increased its position in shares of Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after buying an additional 263 shares during the period. Coldstream Capital Management Inc. increased its position in shares of Truist Financial by 1.5% during the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after buying an additional 274 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Truist Financial by 2.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after purchasing an additional 275 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price target for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Morgan Stanley raised their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $45.45.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of the business’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 value of $295,208.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were bought at an average price 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the business’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 disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $42.77 on Tuesday. The firm has a market cap of $57.23 billion, a price-to-earnings ratio of -32.40, a P/E/G ratio of 1.93 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. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The firm’s 50-day simple moving average is $42.77 and its two-hundred day simple moving average is $39.79.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 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 analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 earnings per share. As a group, equities analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.86%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is -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.