Asset Dedication LLC sells 706 shares of Truist Financial Co. (NYSE:TFC)

Asset Dedication LLC reduced its stake in Truist Financial Co. (NYSE:TFC – Free Report) by 11.5% in the second quarter, HoldingsChannel.com reports. The fund owned 5,433 shares of the insurance provider’s stock after selling 706 shares during the quarter. Asset Dedication LLC’s holdings in Truist Financial were worth $211,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital International Investors boosted its holdings in Truist Financial by 93.7% in the first 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. Dimensional Fund Advisors LP boosted its holdings in shares of Truist Financial by 11.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock worth $322,395,000 after buying another 883,416 shares in the last quarter. Norges Bank bought a new stake in shares of Truist Financial in the 4th quarter valued at about $307,787,000. UBS Group AG boosted its holdings in shares of Truist Financial by 2.7% in the fourth quarter. UBS Group AG now owns 3,914,044 shares of the insurance provider’s stock worth $144,507,000 after purchasing an additional 101,288 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Truist Financial by 48.9% in the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after purchasing an additional 1,261,598 shares in the last quarter. 71.28% of shares are currently owned by institutional investors.

Changes in Analyst Ratings

A number of analysts recently weighed in on the stock. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to an “equal perform” rating in a report on Friday, August 9th. Bank of America upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Barclays raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Baird RW cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley lifted their target price 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 . 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 company. Truist Financial presently has an average rating of “Hold” and a consensus price target of $45.30, according to MarketBeat.

Check out our latest review of Truist Financial

Truist Financial Price Performance

Shares of Truist Financial stock opened at $42.06 on Monday. 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 1 year low of $26.57 and a 1 year high of $45.31. The firm has a 50 day moving average of $42.24 and a two hundred day moving average of $39.10.

Truist Financial (NYSE:TFC – Get Free Report ) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s revenue was down 15.9% compared to the same quarter last year. In the same quarter last year, the company earned $0.95 EPS. Equities analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9. This represents a dividend of $2.08 on an annualized basis and a dividend yield of 4.95%. Truist Financial’s dividend payout ratio is currently -157.58%.

Indoor activity

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

Truist Financial Company Profile

(Free report)

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 non-interest-bearing accounts, interest-bearing checking, savings and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.

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Want to see what other hedge funds own TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Truist Financial Co. (NYSE:TFC – Free Report).

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