Massmutual Trust Co. FSB ADV Sells 5,770 Shares of Truist Financial Co. (NYSE:TFC)

Massmutual Trust Co. FSB ADV reduced its stake in Truist Financial Co. (NYSE:TFC) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,418 shares of the insurance provider’s stock after selling 5,770 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Truist Financial were worth $2,798,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Verity & Verity LLC boosted its position in shares of Truist Financial by 1.4% in the 2nd quarter. Verity & Verity LLC now owns 363,970 shares of the insurance provider’s stock worth $14,140,000 after purchasing an additional 5,116 shares in the last quarter. Cannon Financial Strategists Inc. bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $286,000. Sanctuary Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $8,606,000. Farmers National Bank boosted its position in shares of Truist Financial by 18.9% in the 2nd quarter. Farmers National Bank now owns 54,935 shares of the insurance provider’s stock worth $2,134,000 after purchasing an additional 8,726 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $254,000. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’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 acquisition, 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 legal filing with the SEC, which is accessible through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’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 acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TFC shares. Keefe, Bruyette & Woods boosted their price objective 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 lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Argus boosted their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Bank of America boosted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Stephens restated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $45.45.

Truist Financial Trading Down 0.7 %

Shares of Truist Financial stock opened at $41.49 on Friday. The company 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 has a fifty day moving average of $42.63 and a 200 day moving average of $39.87. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31.

Truist Financial (NYSE:TFC) last issued its earnings results 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. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.01%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -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.