Axxcess Wealth Management LLC Has $2.73 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Axxcess Wealth Management LLC lessened its holdings in Truist Financial Co. (NYSE:TFC) by 14.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,382 shares of the insurance provider’s stock after selling 12,213 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Truist Financial were worth $2,734,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital Investment Counsel Inc lifted its position in shares of Truist Financial by 0.4% in the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares during the period. Verum Partners LLC lifted its holdings in 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 buying an additional 261 shares during the period. CX Institutional boosted its position in Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after acquiring an additional 263 shares during the last quarter. Coldstream Capital Management Inc. grew its holdings in Truist Financial by 1.5% during the 2nd quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after acquiring an additional 274 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of Truist Financial by 2.0% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after acquiring an additional 275 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Down 0.6 %

NYSE TFC opened at $41.88 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $56.08 billion, a P/E ratio of -31.73, a PEG ratio of 1.95 and a beta of 1.06. The business has a fifty day simple moving average of $42.67 and a 200 day simple moving average of $39.44. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $45.31.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating 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 company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was down 15.9% on a year-over-year basis. On average, analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.97%. Truist Financial’s payout ratio is presently -157.58%.

Wall Street Analyst Weigh In

TFC has been the subject of several recent analyst reports. Stephens reaffirmed an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Barclays raised their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Argus boosted their target price 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. Morgan Stanley raised their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $45.45.

Insider Activity

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

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.