Envestnet Portfolio Solutions Inc. Cuts Position in Truist Financial Corporation $TFC

Envestnet Portfolio Solutions Inc. decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 1.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 82,746 shares of the insurance provider’s stock after selling 1,153 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Truist Financial were worth $3,557,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TFC. Wealth Preservation Advisors LLC purchased a new position in Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR raised its holdings in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after buying an additional 580 shares during the period. Motco raised its holdings in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares during the period. Ramirez Asset Management Inc. raised its holdings in Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after buying an additional 468 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction on 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 in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Evercore ISI increased their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Truist Financial Stock Down 1.5%

TFC stock opened at $43.26 on Thursday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $55.79 billion, a P/E ratio of 11.79, a PEG ratio of 1.40 and a beta of 0.88. The firm has a 50 day simple moving average of $45.16 and a 200-day simple moving average of $42.21.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the business posted $0.91 EPS. The firm’s quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.8%. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

Truist Financial Company 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.