Creative Planning Sells 18,872 Shares of Truist Financial Co. (NYSE:TFC)

Creative Planning decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 5.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 359,498 shares of the insurance provider’s stock after selling 18,872 shares during the period. Creative Planning’s holdings in Truist Financial were worth $15,376,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TFC. Capital International Investors lifted its holdings in Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after acquiring an additional 1,261,598 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares in the last quarter. Retirement Systems of Alabama raised its holdings in shares of Truist Financial by 278.6% in the 1st quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock valued at $43,379,000 after acquiring an additional 818,916 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Truist Financial in the 1st quarter valued at about $29,957,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Bank of America raised their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday. UBS Group raised their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.02.

Insider Transactions at Truist Financial

In other 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 value of $295,208.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

TFC opened at $42.43 on Tuesday. The firm has a market cap of $56.82 billion, a price-to-earnings ratio of -29.67, a PEG ratio of 1.83 and a beta of 1.05. Truist Financial Co. has a 1 year low of $26.95 and a 1 year high of $45.31. The stock’s 50 day simple moving average is $42.70 and its 200 day simple moving average is $40.35. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. As a group, analysts predict that Truist Financial Co. will post 3.57 earnings per share for the current year.

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.