Conning Inc. Sells 4,580 Shares of Truist Financial Corporation $TFC

Conning Inc. reduced its stake in Truist Financial Corporation (NYSE:TFC) by 46.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,312 shares of the insurance provider’s stock after selling 4,580 shares during the period. Conning Inc.’s holdings in Truist Financial were worth $228,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Amundi boosted its holdings in shares of Truist Financial by 4.6% in the first quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares during the period. Invesco Ltd. boosted its holdings in shares of Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after acquiring an additional 3,188,999 shares during the period. American Century Companies Inc. boosted its holdings in shares of Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after acquiring an additional 2,158,639 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Truist Financial by 0.9% in the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider’s stock worth $391,404,000 after acquiring an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Truist Financial by 5.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider’s stock worth $330,408,000 after acquiring an additional 408,726 shares during the period. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TFC has been the subject of a number of analyst reports. Evercore ISI raised their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Morgan Stanley upped their target price on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Keefe, Bruyette & Woods lowered Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Trading Down 4.4%

NYSE TFC opened at $42.32 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock’s 50-day simple moving average is $45.16 and its two-hundred day simple moving average is $42.17. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a market capitalization of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.35 and a beta of 0.88.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

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.