Fort Washington Investment Advisors Inc. OH Reduces Position in Truist Financial Co. (NYSE:TFC)

Fort Washington Investment Advisors Inc. OH decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 9.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,203,671 shares of the insurance provider’s stock after selling 122,535 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.09% of Truist Financial worth $46,763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Truist Financial in the 4th quarter valued at $307,787,000. Capital International Investors increased its stake 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 worth $453,854,000 after buying an additional 5,632,493 shares during the period. Parnassus Investments LLC purchased a new position in Truist Financial in the 4th quarter worth about $95,049,000. Azora Capital LP purchased a new stake in Truist Financial in the 4th quarter valued at about $72,498,000. Finally, Charles Schwab Investment Management Inc. boosted 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 period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Truist Financial stock traded up $0.55 during mid-day trading on Friday, reaching $44.46. 6,527,872 shares of the company traded hands, compared to its average volume of 8,339,271. The firm’s fifty day moving average is $41.49 and its two-hundred day moving average is $38.73. The company has a market capitalization of $59.54 billion, a price-to-earnings ratio of -33.68, a price-to-earnings-growth ratio of 2.07 and a beta of 1.06. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. 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 (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the firm earned $0.95 EPS. The firm’s revenue was down 15.9% on a year-over-year basis. On average, equities research analysts expect that Truist Financial Co. will post 3.56 earnings per share for the current fiscal 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 issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TFC. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Barclays raised their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Piper Sandler upped their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Finally, Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $45.30.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The stock was bought 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 owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 bought 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 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 insiders.

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.