CNB Bank Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

CNB Bank lessened its holdings in Truist Financial Co. (NYSE:TFC) by 17.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 11,018 shares of the insurance provider’s stock after selling 2,290 shares during the period. CNB Bank’s holdings in Truist Financial were worth $471,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors grew its stake in Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares in the last quarter. Jennison Associates LLC grew its position in shares of Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares in the last quarter. Nordea Investment Management AB increased its holdings 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 worth $105,353,000 after purchasing an additional 834,048 shares during the last quarter. Retirement Systems of Alabama lifted its position in shares of Truist Financial by 278.6% in the first quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock worth $43,379,000 after buying an additional 818,916 shares in the last quarter. Finally, Swedbank AB bought a new position in Truist Financial during the first quarter valued at approximately $29,957,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $43.67 on Friday. Truist Financial Co. has a fifty-two week low of $26.95 and a fifty-two week high of $45.31. The company has a market cap of $58.43 billion, a PE ratio of -33.08, a P/E/G ratio of 1.82 and a beta of 1.05. 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 has a 50-day simple moving average of $42.67 and a two-hundred day simple moving average of $40.30.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company’s revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. As a group, equities analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed 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 dividend yield of 4.76%. Truist Financial’s payout ratio is currently -157.58%.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased 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 directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred 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 purchase, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TFC. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a report on Wednesday, July 17th. Royal Bank of Canada increased their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America boosted 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. Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday. Finally, StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $46.02.

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.