Sei Investments Co. Lowers Holdings in Truist Financial Co. (NYSE:TFC)

Sei Investments Co. lowered its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,143,810 shares of the insurance provider’s stock after selling 37,968 shares during the quarter. Sei Investments Co. owned approximately 0.09% of Truist Financial worth $44,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Assetmark Inc. boosted its position in shares of Truist Financial by 8.6% during the fourth quarter. Assetmark Inc. now owns 32,043 shares of the insurance provider’s stock worth $1,183,000 after acquiring an additional 2,538 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Truist Financial by 9.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 377,760 shares of the insurance provider’s stock valued at $13,947,000 after purchasing an additional 32,983 shares during the last quarter. TCW Group Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at about $785,000. Team Hewins LLC bought a new stake in shares of Truist Financial in the fourth quarter worth about $299,000. Finally, Congress Wealth Management LLC DE purchased a new stake in shares of Truist Financial in the fourth quarter worth about $316,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 1.4 %

NYSE TFC opened at $42.32 on Monday. The stock has a market cap of $56.63 billion, a PE ratio of -32.06, a PEG ratio of 1.98 and a beta of 1.06. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $45.31. The company’s 50-day moving average price is $42.81 and its 200-day moving average price is $39.56. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued its earnings results 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 business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. Equities research analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TFC shares. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, July 17th. Argus boosted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada increased their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. 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. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $45.45.

Insider Transactions at Truist Financial

In related 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Truist Financial 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 bought 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 of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the company’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. Corporate insiders own 0.17% of the company’s stock.

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.