Ferguson Wellman Capital Management Inc. Sells 5,836 Shares of Truist Financial Co. (NYSE:TFC)

Ferguson Wellman Capital Management Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 42.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,011 shares of the insurance provider’s stock after selling 5,836 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Truist Financial were worth $311,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Norges Bank purchased a new stake in Truist Financial in the 4th quarter valued at $307,787,000. Capital International Investors raised its position in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares during the last quarter. Parnassus Investments LLC purchased a new stake in Truist Financial in the 4th quarter valued at $95,049,000. Azora Capital LP purchased a new stake in Truist Financial in the 4th quarter valued at $72,498,000. Finally, Charles Schwab Investment Management Inc. raised its position in Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after buying an additional 1,458,248 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC traded up $0.94 during trading hours on Thursday, reaching $42.84. 499,205 shares of the stock traded hands, compared to its average volume of 8,370,909. The company has a market capitalization of $57.32 billion, a P/E ratio of -31.74, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. The company’s 50-day simple moving average is $39.99 and its two-hundred day simple moving average is $38.25.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.86%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were acquired 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 directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average cost 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 owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were 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. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Bank of America increased their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group raised their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Stephens raised their target price on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Piper Sandler increased their price target on Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.30.

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.