Truist Financial Co. (NYSE:TFC) Position Cut by Procyon Advisors LLC

Procyon Advisors LLC trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 3.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,822 shares of the insurance provider’s stock after selling 594 shares during the quarter. Procyon Advisors LLC’s holdings in Truist Financial were worth $719,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Crewe Advisors LLC acquired a new stake in Truist Financial in the first quarter worth approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in Truist Financial in the first quarter worth approximately $29,000. MFA Wealth Advisors LLC acquired a new stake in Truist Financial in the second quarter worth approximately $30,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial in the second quarter worth approximately $31,000. Finally, Rise Advisors LLC acquired a new stake in Truist Financial in the first quarter worth approximately $32,000. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was 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 can be accessed through this hyperlink. In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired 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 $25,025,153.16. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group increased their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Bank of America increased their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Robert W. Baird downgraded 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $45.45.

Truist Financial Price Performance

NYSE TFC opened at $43.91 on Wednesday. Truist Financial Co. has a fifty-two week low of $26.95 and a fifty-two week high of $45.31. The stock’s 50-day moving average is $42.55 and its two-hundred day moving average is $40.20. 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 firm has a market cap of $58.76 billion, a P/E ratio of -33.27, a price-to-earnings-growth ratio of 1.78 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s revenue was down 15.9% compared to the same quarter last year. On average, analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 4.74%. Truist Financial’s dividend payout ratio (DPR) 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.