Pettee Investors Inc. Sells 425 Shares of Truist Financial Co. (NYSE:TFC)

Pettee Investors Inc. decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,665 shares of the insurance provider’s stock after selling 425 shares during the quarter. Pettee Investors Inc.’s holdings in Truist Financial were worth $375,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Archer Investment Corp lifted its stake in Truist Financial by 15.8% in the second quarter. Archer Investment Corp now owns 13,409 shares of the insurance provider’s stock valued at $521,000 after buying an additional 1,831 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Truist Financial by 0.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 114,915 shares of the insurance provider’s stock valued at $4,464,000 after buying an additional 918 shares in the last quarter. Octavia Wealth Advisors LLC lifted its stake in Truist Financial by 49.5% in the second quarter. Octavia Wealth Advisors LLC now owns 31,483 shares of the insurance provider’s stock valued at $1,223,000 after buying an additional 10,419 shares in the last quarter. Legacy Capital Wealth Partners LLC bought a new position in Truist Financial in the second quarter valued at approximately $842,000. Finally, Fiduciary Family Office LLC lifted its stake in Truist Financial by 1.0% in the second quarter. Fiduciary Family Office LLC now owns 39,878 shares of the insurance provider’s stock valued at $1,549,000 after buying an additional 411 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial 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 owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial 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 owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

Truist Financial Price Performance

NYSE:TFC opened at $44.41 on Wednesday. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The company has a market cap of $59.47 billion, a P/E ratio of -33.52, a P/E/G ratio of 2.09 and a beta of 1.06. The firm’s fifty day moving average price is $41.93 and its two-hundred day moving average price is $38.95. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released 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. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. Equities analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.68%. Truist Financial’s payout ratio is presently -157.58%.

Analysts Set New Price Targets

A number of research analysts have weighed in on TFC shares. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a report on Wednesday, July 17th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Evercore ISI reiterated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a report on Thursday, May 9th. Finally, The Goldman Sachs Group lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $45.30.

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.