Stonegate Investment Group LLC Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Stonegate Investment Group LLC cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 10.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,804 shares of the insurance provider’s stock after selling 588 shares during the quarter. Stonegate Investment Group LLC’s holdings in Truist Financial were worth $205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norden Group LLC acquired a new stake in shares of Truist Financial in the first quarter worth approximately $2,351,000. Nordea Investment Management AB boosted its holdings in shares of Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares during the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at $516,000. M&G Plc acquired a new stake in shares of Truist Financial during the 2nd quarter worth $2,804,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’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 transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $43.67 on Friday. Truist Financial Co. has a 52-week low of $26.95 and a 52-week high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market cap of $58.43 billion, a price-to-earnings ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05. The business’s 50 day moving average is $42.67 and its two-hundred day moving average is $40.30.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for 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%. The firm’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 EPS. Analysts forecast that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company 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. This represents a $2.08 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Analyst Ratings Changes

TFC has been the subject of a number of research reports. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Bank of America raised their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, July 17th. Finally, Morgan Stanley lifted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $46.02.

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.