Mutual of America Capital Management LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Mutual of America Capital Management LLC cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 168,743 shares of the insurance provider’s stock after selling 6,124 shares during the period. Mutual of America Capital Management LLC’s holdings in Truist Financial were worth $6,556,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TFC. Crewe Advisors LLC bought a new position in Truist Financial in the 1st quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at approximately $29,000. MFA Wealth Advisors LLC bought a new stake in Truist Financial in the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial during the 2nd quarter worth approximately $31,000. Finally, Rise Advisors LLC bought a new position in shares of Truist Financial during the 1st quarter valued at approximately $32,000. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada upped their price target on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America lifted their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group upped 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 boosted their target price for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.45.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction dated 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 owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on 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. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 2.2 %

NYSE:TFC opened at $42.95 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The company has a 50-day moving average of $42.78 and a 200 day moving average of $39.48. The firm has a market cap of $57.52 billion, a PE ratio of -32.54, a price-to-earnings-growth ratio of 1.98 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during 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%. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share. As a group, research analysts anticipate that Truist Financial Co. will post 3.55 EPS 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 paid a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.84%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

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.