Bank of Montreal Can Sells 602,383 Shares of Truist Financial Co. (NYSE:TFC)

Bank of Montreal Can decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 14.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,611,359 shares of the insurance provider’s stock after selling 602,383 shares during the quarter. Bank of Montreal Can owned about 0.27% of Truist Financial worth $133,873,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. raised its holdings in 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 in the last quarter. Congress Wealth Management LLC DE bought a new position in shares of Truist Financial in the fourth quarter valued at $316,000. Nomura Asset Management Co. Ltd. grew its stake in shares of Truist Financial by 0.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 384,862 shares of the insurance provider’s stock valued at $14,209,000 after buying an additional 1,827 shares in the last quarter. Parallel Advisors LLC increased its holdings in Truist Financial by 42.2% during the fourth quarter. Parallel Advisors LLC now owns 7,699 shares of the insurance provider’s stock worth $284,000 after buying an additional 2,286 shares during the last quarter. Finally, JARISLOWSKY FRASER Ltd bought a new stake in Truist Financial during the fourth quarter worth $328,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other Truist Financial news, 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 transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TFC shares. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Barclays upped their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Royal Bank of Canada increased their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Bank of America lifted their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.45.

Truist Financial Price Performance

TFC stock opened at $42.19 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The company’s 50-day moving average is $42.83 and its 200-day moving average is $39.60. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $45.31. The stock has a market capitalization of $56.45 billion, a PE ratio of -31.96, a price-to-earnings-growth 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 earnings per share for the quarter, topping the consensus estimate 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 positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. Equities research analysts expect 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. Investors of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date 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.