Chevy Chase Trust Holdings LLC Sells 26,037 Shares of Truist Financial Co. (NYSE:TFC)

Chevy Chase Trust Holdings LLC decreased its position in Truist Financial Co. (NYSE:TFC) by 2.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 868,358 shares of the insurance provider’s stock after selling 26,037 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.06% of Truist Financial worth $33,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Natixis Advisors L.P. increased its stake in shares of Truist Financial by 30.9% in the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after buying an additional 88,035 shares during the period. Parnassus Investments LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at $95,049,000. Rafferty Asset Management LLC boosted its stake in Truist Financial by 47.7% during the fourth quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after acquiring an additional 382,976 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Truist Financial by 4.1% in the fourth quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after purchasing an additional 24,535 shares during the period. Finally, Norden Group LLC bought a new position in shares of Truist Financial during the first quarter valued at approximately $2,351,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

TFC stock traded down $0.54 during trading on Wednesday, reaching $41.72. The company had a trading volume of 2,308,402 shares, compared to its average volume of 8,323,938. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a 50-day simple moving average of $40.50 and a 200-day simple moving average of $38.40. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31. The company has a market cap of $55.87 billion, a price-to-earnings ratio of -31.61, a price-to-earnings-growth ratio of 1.99 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. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. As a group, sell-side analysts expect that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. 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 4.99%. Truist Financial’s payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TFC shares. Piper Sandler lifted their price target on Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Bank of America boosted their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada increased their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Evercore ISI reiterated an “in-line” rating and issued a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $45.30.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price 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 directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

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.