ProVise Management Group LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

ProVise Management Group LLC decreased its stake in Truist Financial Co. (NYSE:TFC) by 75.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,768 shares of the insurance provider’s stock after selling 23,567 shares during the quarter. ProVise Management Group LLC’s holdings in Truist Financial were worth $302,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Capital Investment Counsel Inc grew its stake in shares of Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares during the period. Verum Partners LLC grew its stake in shares of Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the period. CX Institutional grew its stake in shares of Truist Financial by 3.4% during the 2nd 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. Coldstream Capital Management Inc. grew its stake in shares of Truist Financial by 1.5% during the 2nd 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 during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in shares of Truist Financial by 2.0% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after purchasing an additional 275 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on TFC. Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Wednesday, July 17th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Stephens reissued an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lifted their price target for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Stock Down 1.4 %

NYSE TFC opened at $42.32 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 quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $42.81 and its 200-day simple moving average is $39.53. The firm has a market cap of $56.63 billion, a PE ratio of -32.06, a P/E/G ratio of 1.98 and a beta of 1.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. As a group, equities analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.91%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Insider Activity 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 shares were 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 SEC, which can be accessed through the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the business’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 document filed with the SEC, which can be accessed through the SEC website. Also, 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 bought 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 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 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.