Hedeker Wealth LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Hedeker Wealth LLC decreased its holdings in Truist Financial Co. (NYSE:TFC) by 14.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,822 shares of the insurance provider’s stock after selling 14,542 shares during the quarter. Hedeker Wealth LLC’s holdings in Truist Financial were worth $3,451,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Oakworth Capital Inc. raised its position in Truist Financial by 145.5% in the second quarter. Oakworth Capital Inc. now owns 6,190 shares of the insurance provider’s stock worth $240,000 after acquiring an additional 3,669 shares during the period. TCW Group Inc. increased its stake in shares of Truist Financial by 4.0% in the 2nd quarter. TCW Group Inc. now owns 18,665 shares of the insurance provider’s stock worth $725,000 after purchasing an additional 719 shares in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in Truist Financial by 3.2% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 16,489 shares of the insurance provider’s stock worth $641,000 after purchasing an additional 518 shares during the period. NORTHSTAR ASSET MANAGEMENT Co LLC purchased a new position in Truist Financial during the second quarter valued at $279,000. Finally, Gradient Investments LLC grew its holdings in Truist Financial by 182.0% during the second quarter. Gradient Investments LLC now owns 6,195 shares of the insurance provider’s stock valued at $241,000 after purchasing an additional 3,998 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TFC shares. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 target price on shares of Truist Financial in a report on Thursday, May 9th. Finally, Barclays raised their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $45.30.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Truist Financial Trading Up 0.4 %

Shares of TFC traded up $0.16 during mid-day trading on Friday, reaching $42.53. 4,183,517 shares of the company’s stock traded hands, compared to its average volume of 8,073,381. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s 50-day moving average is $40.23 and its two-hundred day moving average is $38.31. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $45.31. The stock has a market cap of $56.91 billion, a P/E ratio of -32.22, a P/E/G ratio of 1.96 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced 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 for the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the prior year, the company posted $0.95 EPS. Truist Financial’s quarterly 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.89%. Truist Financial’s payout ratio is -157.58%.

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.