Asset Dedication LLC Sells 1,570 Shares of Truist Financial Co. (NYSE:TFC)

Asset Dedication LLC reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 28.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,863 shares of the insurance provider’s stock after selling 1,570 shares during the period. Asset Dedication LLC’s holdings in Truist Financial were worth $165,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Capital Investment Counsel Inc increased its position in Truist Financial by 0.4% in 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 last quarter. Burkett Financial Services LLC raised its stake in Truist Financial by 26.8% in the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 253 shares during the period. Verum Partners LLC lifted its holdings in Truist Financial by 2.5% during the second 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 last quarter. CX Institutional boosted its position in 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 purchasing an additional 263 shares during the period. Finally, Coldstream Capital Management Inc. increased its stake in shares of Truist Financial by 1.5% in the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after purchasing an additional 274 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction 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. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $42.95 on Friday. The stock has a market cap of $57.52 billion, a price-to-earnings ratio of -26.51, a P/E/G ratio of 1.82 and a beta of 1.05. The stock’s 50-day moving average is $42.63 and its 200 day moving average is $40.25. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 1-year low of $26.95 and a 1-year high of $45.31.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s revenue was down 15.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.84%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -128.40%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TFC shares. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Wednesday, July 17th. The Goldman Sachs Group decreased their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus price target of $45.97.

Truist Financial Company 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.