Nemes Rush Group LLC Sells 633 Shares of Truist Financial Co. (NYSE:TFC)

Nemes Rush Group LLC trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 12.1% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,600 shares of the insurance provider’s stock after selling 633 shares during the quarter. Nemes Rush Group LLC’s holdings in Truist Financial were worth $179,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TFC. Capital International Investors increased its stake in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares during the period. Azora Capital LP bought a new stake in Truist Financial during the 4th quarter valued at $72,498,000. Jennison Associates LLC grew its holdings in Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after acquiring an additional 1,261,598 shares during the last quarter. Morningstar Investment Services LLC grew its holdings in Truist Financial by 94.5% in the 4th quarter. Morningstar Investment Services LLC now owns 1,753,129 shares of the insurance provider’s stock worth $65,374,000 after acquiring an additional 851,725 shares during the last quarter. Finally, 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 valued at $105,353,000 after acquiring an additional 834,048 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.4 %

TFC stock opened at $42.52 on Monday. The business has a 50 day moving average of $42.79 and a 200 day moving average of $39.74. The firm has a market cap of $56.90 billion, a PE ratio of -32.21, a price-to-earnings-growth ratio of 1.93 and a beta of 1.06. Truist Financial Co. has a twelve month low of $26.57 and a twelve month 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.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. On average, research analysts forecast 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Insider Activity at Truist Financial

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

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group lifted their price objective on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Bank of America lifted their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $45.45.

Truist Financial 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.