Swedbank AB Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Swedbank AB reduced its stake in Truist Financial Co. (NYSE:TFC) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 763,898 shares of the insurance provider’s stock after selling 4,622 shares during the period. Swedbank AB owned approximately 0.06% of Truist Financial worth $29,677,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TFC. Verum Partners LLC grew its holdings in shares of Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after purchasing an additional 261 shares in the last quarter. CX Institutional increased its holdings in shares of Truist Financial by 3.4% in the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after buying an additional 263 shares during the last quarter. Valmark Advisers Inc. raised its position in shares of Truist Financial by 2.2% during the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after buying an additional 277 shares in the last quarter. Texas Yale Capital Corp. lifted its holdings in shares of Truist Financial by 2.4% in the 1st quarter. Texas Yale Capital Corp. now owns 12,118 shares of the insurance provider’s stock valued at $472,000 after acquiring an additional 280 shares during the last quarter. Finally, Whalen Wealth Management Inc. grew its position in Truist Financial by 4.8% in the first quarter. Whalen Wealth Management Inc. now owns 6,331 shares of the insurance provider’s stock worth $247,000 after acquiring an additional 288 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Truist Financial Stock Up 0.4 %

NYSE TFC traded up $0.16 during midday trading on Friday, hitting $42.53. 4,183,047 shares of the company traded hands, compared to its average volume of 8,381,994. The company has a market cap of $56.90 billion, a PE ratio of -32.20, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. 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 $40.11 and its 200-day simple moving average is $38.27.

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, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion for 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 revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a dividend of $0.52 per share. 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 4.89%. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TFC. Royal Bank of Canada raised their price objective on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and raised their price target for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Argus boosted their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a report on Wednesday, July 17th. Finally, StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.30.

Truist Financial Company 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.