Harmony Asset Management LLC Sells 3,100 Shares of Truist Financial Co. (NYSE:TFC)

Harmony Asset Management LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 35.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,555 shares of the insurance provider’s stock after selling 3,100 shares during the period. Harmony Asset Management LLC’s holdings in Truist Financial were worth $216,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Capital International Investors raised its position in shares of Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Truist Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after acquiring an additional 299,196 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Truist Financial by 48.9% in the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after acquiring an additional 1,261,598 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Truist Financial by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock worth $136,018,000 after purchasing an additional 58,349 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in Truist Financial by 2.0% during the 2nd quarter. Hsbc Holdings PLC now owns 2,986,841 shares of the insurance provider’s stock valued at $115,774,000 after purchasing an additional 58,463 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TFC. Robert W. Baird lowered 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. Bank of America raised their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Morgan Stanley lifted 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. Finally, Argus lifted their price target on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $45.45.

Insiders Place Their Bets

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 transaction of $295,208.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction 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 approximately $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated 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 Trading Down 1.4 %

Shares of NYSE:TFC opened at $42.32 on Monday. The company has a market capitalization of $56.63 billion, a PE ratio of -32.06, 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. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The business’s fifty day simple moving average is $42.81 and its 200-day simple moving average is $39.56.

Truist Financial (NYSE:TFC) last announced 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. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The firm’s revenue was down 15.9% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors 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 4.91%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Truist Financial 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.