Douglas Lane & Associates LLC Sells 84,406 Shares of Truist Financial Co. (NYSE:TFC)

13 Oct 2024, 16:36 by Mitch Edgeman · The Markets Daily

Douglas Lane & Associates LLC lowered its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 6.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,314,836 shares of the insurance provider’s stock after selling 84,406 shares during the period. Douglas Lane & Associates LLC’s holdings in Truist Financial were worth $56,236,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital International Investors raised its position in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Legal & General Group Plc raised its position in shares of Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after buying an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares in the last quarter. Truist Financial Corp raised its position in shares of Truist Financial by 6.7% in the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after buying an additional 311,523 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after buying an additional 1,261,598 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on TFC shares. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Royal Bank of Canada upped their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $45.45.

Get Our Latest Report on Truist Financial

Truist Financial Price Performance

NYSE TFC traded up $0.77 on Friday, hitting $43.26. 15,639,570 shares of the company were exchanged, compared to its average volume of 7,080,638. Truist Financial Co. has a 12 month low of $26.95 and a 12 month high of $45.31. The stock has a fifty day moving average of $42.45 and a 200-day moving average of $40.12. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC – Get Free Report) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, research analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -128.40%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’s 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 news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction dated 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 approximately $25,025,153.16. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The shares were 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. Insiders own 0.17% of the company’s stock.

About Truist Financial

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