ZWJ Investment Counsel Inc. Sells 723 Shares of Truist Financial Co. (NYSE:TFC)

ZWJ Investment Counsel Inc. decreased its position in Truist Financial Co. (NYSE:TFC) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,871 shares of the insurance provider’s stock after selling 723 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Truist Financial were worth $2,005,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TFC. Capital Investment Counsel Inc grew its position in Truist Financial by 0.4% in the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares in the last quarter. Burkett Financial Services LLC increased its position in shares of Truist Financial by 26.8% during the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 253 shares during the last quarter. Verum Partners LLC lifted its holdings in Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after acquiring an additional 261 shares during the period. CX Institutional grew its stake in Truist Financial by 3.4% in the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after purchasing an additional 263 shares during the period. Finally, Coldstream Capital Management Inc. grew its stake in Truist Financial by 1.5% in the 2nd quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock valued at $722,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Royal Bank of Canada increased their price target 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. Argus raised their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Bank of America upped their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Barclays raised their target price on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Compass Point upped their price target on Truist Financial from $46.00 to $47.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.97.

Truist Financial Stock Up 1.4 %

TFC opened at $44.51 on Thursday. 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 Co. has a one year low of $26.95 and a one year high of $45.31. The firm has a market capitalization of $59.55 billion, a P/E ratio of -33.72, a price-to-earnings-growth ratio of 1.78 and a beta of 1.05. The company has a fifty day moving average price of $42.61 and a 200-day moving average price of $40.23.

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

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.67%. Truist Financial’s payout ratio is presently -157.58%.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were 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 SEC, which is available at the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

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.