Wrapmanager Inc. Lowers Holdings in Truist Financial Co. (NYSE:TFC)

Wrapmanager Inc. lowered its position in Truist Financial Co. (NYSE:TFC) by 14.5% during the 2nd quarter, Holdings Channel reports. The firm owned 7,275 shares of the insurance provider’s stock after selling 1,229 shares during the quarter. Wrapmanager Inc.’s holdings in Truist Financial were worth $283,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TFC. Parallel Advisors LLC raised its holdings in shares of Truist Financial by 5.0% in the second quarter. Parallel Advisors LLC now owns 9,843 shares of the insurance provider’s stock valued at $382,000 after acquiring an additional 473 shares in the last quarter. Dai ichi Life Insurance Company Ltd increased its position in Truist Financial by 27.0% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 71,538 shares of the insurance provider’s stock valued at $2,779,000 after purchasing an additional 15,230 shares during the period. 1ST Source Bank raised its holdings in shares of Truist Financial by 4.5% in the 2nd quarter. 1ST Source Bank now owns 6,987 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 298 shares in the last quarter. Hardin Capital Partners LLC purchased a new stake in shares of Truist Financial in the 2nd quarter worth approximately $2,267,000. Finally, Meeder Advisory Services Inc. boosted its stake in shares of Truist Financial by 41.4% during the second quarter. Meeder Advisory Services Inc. now owns 26,570 shares of the insurance provider’s stock valued at $1,032,000 after purchasing an additional 7,778 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

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

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Argus boosted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price objective for the stock 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 issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.45.

Truist Financial Stock Performance

TFC opened at $41.84 on Friday. 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 firm has a 50 day moving average of $42.53 and a two-hundred day moving average of $39.31. The firm has a market capitalization of $56.03 billion, a PE ratio of -31.70, a P/E/G ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the company posted $0.95 earnings per share. The firm’s revenue was down 15.9% compared to the same quarter last year. On average, analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current 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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.97%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.