ARS Wealth Advisors Group LLC Decreases Stock Position in Truist Financial Co. (NYSE:TFC)

ARS Wealth Advisors Group LLC cut its position in Truist Financial Co. (NYSE:TFC) by 49.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,105 shares of the insurance provider’s stock after selling 5,910 shares during the quarter. ARS Wealth Advisors Group LLC’s holdings in Truist Financial were worth $237,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Oakworth Capital Inc. boosted its stake in Truist Financial by 145.5% during the 2nd quarter. Oakworth Capital Inc. now owns 6,190 shares of the insurance provider’s stock valued at $240,000 after acquiring an additional 3,669 shares during the last quarter. TCW Group Inc. boosted its stake in Truist Financial by 4.0% during the 2nd quarter. TCW Group Inc. now owns 18,665 shares of the insurance provider’s stock valued at $725,000 after acquiring an additional 719 shares during the last quarter. Franklin Street Advisors Inc. NC raised its holdings in shares of Truist Financial by 3.2% during the second quarter. Franklin Street Advisors Inc. NC now owns 16,489 shares of the insurance provider’s stock worth $641,000 after purchasing an additional 518 shares during the period. NORTHSTAR ASSET MANAGEMENT Co LLC acquired a new stake in shares of Truist Financial during the second quarter worth $279,000. Finally, Gradient Investments LLC raised its holdings in shares of Truist Financial by 182.0% during the second quarter. Gradient Investments LLC now owns 6,195 shares of the insurance provider’s stock worth $241,000 after purchasing an additional 3,998 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on TFC. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. Argus increased their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $45.30.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.16 during trading hours on Friday, hitting $42.53. 4,183,517 shares of the company’s stock traded hands, compared to its average volume of 8,073,381. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The company’s fifty day simple moving average is $40.23 and its two-hundred day simple moving average is $38.31. The company has a market cap of $56.91 billion, a price-to-earnings ratio of -32.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period last year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Co. will post 3.56 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -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.