Logan Capital Management Inc. Cuts Position in Truist Financial Co. (NYSE:TFC)

Logan Capital Management Inc. decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 0.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,035 shares of the insurance provider’s stock after selling 855 shares during the period. Logan Capital Management Inc.’s holdings in Truist Financial were worth $8,085,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Great Valley Advisor Group Inc. purchased a new position in shares of Truist Financial during the second quarter worth approximately $245,000. Blue Trust Inc. raised its position in Truist Financial by 4.0% in the 2nd quarter. Blue Trust Inc. now owns 37,713 shares of the insurance provider’s stock worth $1,470,000 after purchasing an additional 1,452 shares during the period. Gradient Investments LLC lifted its stake in Truist Financial by 182.0% in the second quarter. Gradient Investments LLC now owns 6,195 shares of the insurance provider’s stock worth $241,000 after purchasing an additional 3,998 shares during the last quarter. NORTHSTAR ASSET MANAGEMENT Co LLC purchased a new stake in Truist Financial during the second quarter valued at about $279,000. Finally, Franklin Street Advisors Inc. NC grew its stake in shares of Truist Financial by 3.2% during the second quarter. Franklin Street Advisors Inc. NC now owns 16,489 shares of the insurance provider’s stock valued at $641,000 after buying an additional 518 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Down 0.2 %

Truist Financial stock traded down $0.07 during mid-day trading on Friday, reaching $45.65. The stock had a trading volume of 822,452 shares, compared to its average volume of 8,234,598. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06. The company has a 50-day moving average price of $45.04 and a two-hundred day moving average price of $42.26. The company has a market capitalization of $60.60 billion, a price-to-earnings ratio of -31.98, a PEG ratio of 1.87 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. On average, analysts expect that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.56%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler increased their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Stephens restated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. UBS Group increased their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $48.12.

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.