Cedar Wealth Management LLC Sells 500 Shares of Truist Financial Co. (NYSE:TFC)

Cedar Wealth Management LLC decreased its holdings in Truist Financial Co. (NYSE:TFC) by 33.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,000 shares of the insurance provider’s stock after selling 500 shares during the quarter. Cedar Wealth Management LLC’s holdings in Truist Financial were worth $39,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TFC. Crewe Advisors LLC acquired a new stake in Truist Financial in the 1st quarter valued at $27,000. Opal Wealth Advisors LLC acquired a new stake in Truist Financial in the 1st quarter worth about $29,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial during the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial during the second quarter valued at approximately $31,000. Finally, Rise Advisors LLC purchased a new position in shares of Truist Financial in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The shares were 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 is available through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price 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 disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TFC. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada lifted their price target on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Trading Up 2.2 %

Shares of NYSE:TFC opened at $42.95 on Friday. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The company has a market cap of $57.47 billion, a PE ratio of -32.54, a P/E/G ratio of 1.98 and a beta of 1.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $42.78 and its two-hundred day moving average is $39.48.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share 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 analysts’ expectations 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 for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the company earned $0.95 earnings per share. Equities analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.84%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.