Raymond James Trust N.A. Lowers Position in Truist Financial Co. (NYSE:TFC)

Raymond James Trust N.A. decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 0.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 145,217 shares of the insurance provider’s stock after selling 505 shares during the period. Raymond James Trust N.A.’s holdings in Truist Financial were worth $5,642,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Crewe Advisors LLC bought a new stake in shares of Truist Financial during the 1st quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new stake in Truist Financial in the first quarter worth about $29,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the second quarter valued at approximately $30,000. Missouri Trust & Investment Co lifted its holdings in shares of Truist Financial by 227.2% during 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 last quarter. Finally, Rise Advisors LLC bought a new stake in shares of Truist Financial in the 1st quarter worth approximately $32,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC traded up $0.31 on Monday, reaching $44.15. The company’s stock had a trading volume of 325,447 shares, compared to its average volume of 8,349,471. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The stock has a market capitalization of $59.08 billion, a P/E ratio of -33.48, a PEG ratio of 1.99 and a beta of 1.06. The stock’s 50 day simple moving average is $40.89 and its two-hundred day simple moving average is $38.53.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 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 period in the prior year, the business posted $0.95 EPS. Truist Financial’s revenue was down 15.9% on a year-over-year basis. Research analysts forecast that Truist Financial Co. will post 3.56 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.71%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insiders Place Their Bets

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the company’s 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 Securities & Exchange Commission, which is available through this hyperlink. In other Truist Financial 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 this link. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s 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 purchase, 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 company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TFC shares. HSBC lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, May 8th. 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. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Piper Sandler lifted their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Finally, The Goldman Sachs Group increased 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. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $45.30.

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.