Central Pacific Bank Trust Division Trims Holdings in Truist Financial Co. (NYSE:TFC)

Central Pacific Bank Trust Division cut its stake in Truist Financial Co. (NYSE:TFC) by 47.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,200 shares of the insurance provider’s stock after selling 7,300 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Truist Financial were worth $351,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Capital Investment Counsel Inc increased its position in Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after purchasing an additional 244 shares during the period. Verum Partners LLC increased its position in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after purchasing an additional 261 shares during the period. CX Institutional grew its position in shares of Truist Financial by 3.4% in the 2nd 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. grew its position in shares of Truist Financial by 1.5% in the 2nd 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 position in shares of Truist Financial by 2.0% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after buying an additional 275 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC opened at $41.49 on Friday. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. The stock has a market capitalization of $55.52 billion, a P/E ratio of -31.43, a P/E/G ratio of 1.95 and a beta of 1.05. 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 company’s 50-day simple moving average is $42.63 and its two-hundred day simple moving average is $39.87.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. As a group, analysts predict that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared 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. This represents a $2.08 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the 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 disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TFC. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Barclays upped their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment 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 data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.45.

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.