Pettee Investors Inc. Sells 425 Shares of Truist Financial Co. (NYSE:TFC)

Pettee Investors Inc. reduced its position in Truist Financial Co. (NYSE:TFC) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,665 shares of the insurance provider’s stock after selling 425 shares during the period. Pettee Investors Inc.’s holdings in Truist Financial were worth $375,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Crewe Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC bought a new stake in Truist Financial in the 2nd quarter valued at about $30,000. Missouri Trust & Investment Co raised its stake in Truist Financial by 227.2% in the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the period. Finally, Rise Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at about $32,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $44.41 on Wednesday. The firm has a market cap of $59.47 billion, a PE ratio of -33.52, a price-to-earnings-growth ratio of 2.09 and a beta of 1.06. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. 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 moving average price of $41.93 and a 200-day moving average price of $38.95.

Truist Financial (NYSE:TFC) last released 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 firm had revenue of $5.02 billion during 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 business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 earnings per share. Equities research analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued 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 4.68%. Truist Financial’s dividend payout ratio is presently -157.58%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HSBC upped their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Stephens upped their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Wednesday, July 17th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Finally, The Goldman Sachs Group upped their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $45.30.

Insider Activity at Truist Financial

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

About Truist Financial

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.