Truist Financial Co. (NYSE:TFC) Position Lessened by Chemung Canal Trust Co.

Chemung Canal Trust Co. reduced its position in Truist Financial Co. (NYSE:TFC) by 5.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 12,712 shares of the insurance provider’s stock after selling 692 shares during the quarter. Chemung Canal Trust Co.’s holdings in Truist Financial were worth $551,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TFC. Intech Investment Management LLC lifted its stake in Truist Financial by 63.3% in the second quarter. Intech Investment Management LLC now owns 14,415 shares of the insurance provider’s stock valued at $560,000 after acquiring an additional 5,585 shares during the last quarter. AXA S.A. lifted its stake in shares of Truist Financial by 24.3% in the 2nd quarter. AXA S.A. now owns 112,178 shares of the insurance provider’s stock valued at $4,358,000 after purchasing an additional 21,907 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Truist Financial by 16.7% in the second quarter. AQR Capital Management LLC now owns 878,298 shares of the insurance provider’s stock worth $33,560,000 after purchasing an additional 125,385 shares in the last quarter. APG Asset Management N.V. increased its position in Truist Financial by 3.5% during the second quarter. APG Asset Management N.V. now owns 3,197,666 shares of the insurance provider’s stock worth $115,913,000 after buying an additional 108,819 shares during the last quarter. Finally, MBB Public Markets I LLC bought a new position in Truist Financial during the second quarter valued at about $3,736,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of analyst reports. The Goldman Sachs Group increased their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Stephens upped their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. UBS Group upped their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The shares were bought at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.4 %

Shares of TFC opened at $46.96 on Friday. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The stock has a market cap of $62.34 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.67 and a beta of 1.08. The company has a 50-day moving average price of $45.47 and a two-hundred day moving average price of $43.77. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5,047,370 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. Equities analysts predict that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

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.