Intact Investment Management Inc. Sells 9,340 Shares of Truist Financial Co. (NYSE:TFC)

Intact Investment Management Inc. lowered its holdings in Truist Financial Co. (NYSE:TFC) by 4.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,660 shares of the insurance provider’s stock after selling 9,340 shares during the quarter. Intact Investment Management Inc.’s holdings in Truist Financial were worth $7,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Jaffetilchin Investment Partners LLC increased its stake in Truist Financial by 1.3% in the second quarter. Jaffetilchin Investment Partners LLC now owns 30,212 shares of the insurance provider’s stock valued at $1,174,000 after acquiring an additional 394 shares during the period. Pinnacle Associates Ltd. grew its stake in Truist Financial by 0.3% during the second quarter. Pinnacle Associates Ltd. now owns 216,629 shares of the insurance provider’s stock worth $8,416,000 after buying an additional 649 shares during the last quarter. Bryn Mawr Capital Management LLC grew its stake in Truist Financial by 2.6% during the second quarter. Bryn Mawr Capital Management LLC now owns 237,843 shares of the insurance provider’s stock worth $9,240,000 after buying an additional 6,019 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Truist Financial by 0.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 180,669 shares of the insurance provider’s stock worth $7,019,000 after buying an additional 1,605 shares during the last quarter. Finally, iA Global Asset Management Inc. bought a new stake in Truist Financial during the second quarter worth about $585,000. Institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TFC. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Piper Sandler upped their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. HSBC upped their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $45.30.

Insiders Place Their Bets

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction 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 available through the SEC website. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction 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 available through the SEC website. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 1.3 %

Shares of NYSE TFC opened at $44.46 on Friday. The company’s 50 day simple moving average is $41.65 and its 200 day simple moving average is $38.78. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. The firm has a market capitalization of $59.54 billion, a P/E ratio of -33.68, a P/E/G ratio of 2.08 and a beta of 1.06. 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 (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 the consensus estimate 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 negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. On average, analysts predict that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.68%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

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.