Envestnet Portfolio Solutions Inc. Sells 7,619 Shares of Truist Financial Co. (NYSE:TFC)

Envestnet Portfolio Solutions Inc. lessened its stake in Truist Financial Co. (NYSE:TFC) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,131 shares of the insurance provider’s stock after selling 7,619 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Truist Financial were worth $4,007,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Perigon Wealth Management LLC increased its stake in shares of Truist Financial by 8.0% in the fourth quarter. Perigon Wealth Management LLC now owns 8,392 shares of the insurance provider’s stock worth $310,000 after buying an additional 625 shares during the period. Mackenzie Financial Corp increased its position in shares of Truist Financial by 61.6% in the fourth quarter. Mackenzie Financial Corp now owns 246,748 shares of the insurance provider’s stock valued at $9,110,000 after acquiring an additional 94,061 shares during the period. Octavia Wealth Advisors LLC raised its stake in shares of Truist Financial by 77.5% during the fourth quarter. Octavia Wealth Advisors LLC now owns 14,691 shares of the insurance provider’s stock valued at $542,000 after acquiring an additional 6,415 shares during the last quarter. Wealth Alliance boosted its holdings in shares of Truist Financial by 1.8% during the fourth quarter. Wealth Alliance now owns 36,097 shares of the insurance provider’s stock worth $1,333,000 after purchasing an additional 637 shares during the period. Finally, Desjardins Global Asset Management Inc. increased its holdings in Truist Financial by 14.3% during the 4th quarter. Desjardins Global Asset Management Inc. now owns 6,883 shares of the insurance provider’s stock valued at $254,000 after purchasing an additional 859 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased 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 directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction 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 approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

Truist Financial Stock Up 2.0 %

Shares of NYSE TFC traded up $0.84 during midday trading on Thursday, hitting $42.74. The stock had a trading volume of 2,355,942 shares, compared to its average volume of 8,381,439. The company has a market cap of $57.19 billion, a P/E ratio of -32.42, a PEG ratio of 1.95 and a beta of 1.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $39.99 and its 200-day moving average is $38.25. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. As a group, analysts predict that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm 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 $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.87%. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

TFC has been the subject of several research analyst reports. Piper Sandler increased their price objective on Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. The Goldman Sachs Group boosted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley raised their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Barclays boosted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.30.

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.