Creative Planning Decreases Stock Position in Truist Financial Co. (NYSE:TFC)

Creative Planning cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 6.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 378,370 shares of the insurance provider’s stock after selling 25,038 shares during the quarter. Creative Planning’s holdings in Truist Financial were worth $14,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Crewe Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at approximately $29,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the second quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial in the second quarter worth $31,000. Finally, Rise Advisors LLC bought a new stake in Truist Financial in the first quarter valued at $32,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have 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 target price on the stock. in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $45.45.

Insider Activity

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average price 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 directly owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $42.77 on Tuesday. The stock has a market cap of $57.23 billion, a P/E ratio of -32.40, a P/E/G ratio of 1.93 and a beta of 1.06. 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 stock’s fifty day moving average is $42.77 and its 200 day moving average is $39.79. 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 EPS for the quarter, topping the consensus estimate 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 positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. Sell-side analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

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 $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.86%. Truist Financial’s dividend payout ratio (DPR) is presently -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.