Main Street Group LTD Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Main Street Group LTD cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 16.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,795 shares of the insurance provider’s stock after selling 558 shares during the period. Main Street Group LTD’s holdings in Truist Financial were worth $109,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Crewe Advisors LLC acquired a new stake in shares of Truist Financial in the 1st quarter valued at approximately $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 1st quarter worth $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial during the 2nd quarter worth $30,000. Rise Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at about $32,000. Finally, Missouri Trust & Investment Co lifted its stake in shares of Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 593 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed 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 SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the 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 purchase, the chief executive officer now 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 owned by company insiders.

Truist Financial Stock Down 2.5 %

Shares of NYSE TFC traded down $1.09 during midday trading on Friday, reaching $42.06. 8,589,177 shares of the company’s stock were exchanged, compared to its average volume of 8,317,756. The stock has a market capitalization of $56.28 billion, a PE ratio of -31.86, a price-to-earnings-growth ratio of 2.09 and a beta of 1.06. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The business’s fifty day moving average price is $42.24 and its two-hundred day moving average price is $39.05.

Truist Financial (NYSE:TFC) last released 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. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 EPS. Analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Argus upped their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods upped their target price on Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Stephens raised their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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.