Johnson Investment Counsel Inc. Sells 1,220 Shares of Truist Financial Co. (NYSE:TFC)

Johnson Investment Counsel Inc. lowered its holdings in shares of Truist Financial Co. (NYSE:TFC) by 14.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,264 shares of the insurance provider’s stock after selling 1,220 shares during the period. Johnson Investment Counsel Inc.’s holdings in Truist Financial were worth $282,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TFC. Capital International Investors grew its holdings in Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares during the period. Norges Bank bought a new stake in Truist Financial in the fourth quarter worth about $307,787,000. UBS Group AG raised its position in Truist Financial by 2.7% in the fourth quarter. UBS Group AG now owns 3,914,044 shares of the insurance provider’s stock worth $144,507,000 after acquiring an additional 101,288 shares during the period. Jennison Associates LLC raised its position in Truist Financial by 48.9% in the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after acquiring an additional 1,261,598 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Truist Financial by 1.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after purchasing an additional 58,349 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group upped their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Morgan Stanley upped their price target 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. Citigroup lowered shares of 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 report on Wednesday, July 24th. Finally, Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One investment 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. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Stock Performance

Shares of TFC stock opened at $41.84 on Friday. The company’s 50-day moving average is $42.53 and its 200 day moving average is $39.31. 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 market capitalization of $56.03 billion, a price-to-earnings ratio of -31.70, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The company 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 quarter last year, the firm posted $0.95 earnings per share. Sell-side analysts expect 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 paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date was Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on 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 legal filing with the SEC, which is available at this hyperlink. 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 stock was bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the purchase, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were 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. 0.17% of the stock is owned by company insiders.

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.