Plimoth Trust Co. LLC Sells 746 Shares of Truist Financial Co. (NYSE:TFC)

Plimoth Trust Co. LLC decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.3% in the 2nd quarter, Holdings Channel reports. The fund owned 22,202 shares of the insurance provider’s stock after selling 746 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Truist Financial were worth $863,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Greenleaf Trust lifted its holdings in shares of Truist Financial by 6.3% in the fourth quarter. Greenleaf Trust now owns 14,195 shares of the insurance provider’s stock valued at $524,000 after purchasing an additional 838 shares in the last quarter. abrdn plc lifted its stake in Truist Financial by 32.5% in the 4th quarter. abrdn plc now owns 1,116,793 shares of the insurance provider’s stock valued at $41,232,000 after acquiring an additional 273,953 shares in the last quarter. Lindbrook Capital LLC boosted its position in Truist Financial by 112.5% during the 4th quarter. Lindbrook Capital LLC now owns 5,896 shares of the insurance provider’s stock worth $218,000 after acquiring an additional 3,121 shares during the last quarter. Signaturefd LLC grew its stake in shares of Truist Financial by 2.8% during the 4th quarter. Signaturefd LLC now owns 47,797 shares of the insurance provider’s stock worth $1,765,000 after acquiring an additional 1,282 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Truist Financial by 12.6% in the fourth quarter. CWM LLC now owns 29,136 shares of the insurance provider’s stock valued at $1,076,000 after purchasing an additional 3,264 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of NYSE TFC traded down $0.22 during mid-day trading on Thursday, reaching $41.87. 11,591,724 shares of the company were exchanged, compared to its average volume of 8,387,839. The stock has a market capitalization of $56.07 billion, a P/E ratio of -31.72, a P/E/G ratio of 1.99 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. The company’s 50-day simple moving average is $40.72 and its 200-day simple moving average is $38.45. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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 the consensus estimate of $4.83 billion. During the same period last year, the business posted $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. As a group, research analysts predict that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction 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. Company insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Piper Sandler increased their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Stephens increased their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, HSBC raised their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $45.30.

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.