Axxcess Wealth Management LLC Sells 12,213 Shares of Truist Financial Co. (NYSE:TFC)

Axxcess Wealth Management LLC lessened its position in shares of Truist Financial Co. (NYSE:TFC) by 14.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,382 shares of the insurance provider’s stock after selling 12,213 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Truist Financial were worth $2,734,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Parnassus Investments LLC bought a new stake in Truist Financial in the fourth quarter valued at about $95,049,000. Rafferty Asset Management LLC grew its position in shares of Truist Financial by 47.7% during the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after buying an additional 382,976 shares during the period. Treasurer of the State of North Carolina grew its position in shares of Truist Financial by 4.1% during the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after buying an additional 24,535 shares during the period. Norden Group LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $2,351,000. Finally, Nordea Investment Management AB raised its position in shares of Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, 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 document filed with the SEC, which is available through this link. In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost 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 filing with the SEC, which is available at this link. Also, 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 disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $41.88 on Wednesday. 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 stock has a 50 day moving average price of $42.67 and a 200 day moving average price of $39.44. The stock has a market capitalization of $56.08 billion, a PE ratio of -31.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating 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 company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. Analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.97%. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on TFC shares. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Argus boosted their target price on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. 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 company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $45.45.

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.