Avaii Wealth Management LLC Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Avaii Wealth Management LLC cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 11.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,232 shares of the insurance provider’s stock after selling 773 shares during the quarter. Avaii Wealth Management LLC’s holdings in Truist Financial were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Capital International Investors lifted its stake in shares of 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 purchasing an additional 5,632,493 shares in the last quarter. Jennison Associates LLC grew its stake in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after buying an additional 1,261,598 shares during the period. Nordea Investment Management AB increased its position in shares of Truist Financial by 44.4% in the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after acquiring an additional 834,048 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of Truist Financial by 278.6% in the 1st quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock valued at $43,379,000 after acquiring an additional 818,916 shares during the period. Finally, Swedbank AB acquired a new position in shares of Truist Financial during the 1st quarter valued at $29,957,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were 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. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several recent research reports. Compass Point increased their price objective on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday. Morgan Stanley lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Barclays upped their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group dropped their target price on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $45.97.

Truist Financial Price Performance

Truist Financial stock traded down $1.20 during trading hours on Thursday, hitting $43.33. 4,387,676 shares of the company traded hands, compared to its average volume of 8,260,927. Truist Financial Co. has a 1-year low of $26.95 and a 1-year high of $45.31. 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 firm has a market cap of $57.98 billion, a P/E ratio of -33.72, a P/E/G ratio of 1.78 and a beta of 1.05. The firm’s 50-day simple moving average is $42.61 and its two-hundred day simple moving average is $40.23.

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

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.80%. Truist Financial’s dividend payout ratio is currently -157.58%.

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.