Truist Financial Co. (NYSE:TFC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,003,377 shares of the insurance provider’s stock after selling 18,944 shares during the period. Envestnet Asset Management Inc. owned about 0.22% of Truist Financial worth $116,681,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TFC. Crewe Advisors LLC acquired a new stake in shares of Truist Financial in the 1st quarter worth about $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial during the second quarter worth approximately $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the 2nd quarter worth approximately $31,000. Finally, Rise Advisors LLC acquired a new stake in Truist Financial in the 1st quarter valued at approximately $32,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $42.12 on Tuesday. The firm has a fifty day moving average price of $42.61 and a two-hundred day moving average price of $39.39. 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. The company has a market cap of $56.40 billion, a PE ratio of -31.91, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. Analysts expect that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.94%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TFC shares. Barclays raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Argus increased their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Bank of America raised their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.45.

Insider Buying and Selling at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The shares were 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, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price 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 in the company, valued at approximately $25,025,153.16. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

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.