Truist Financial Corporation [TFC] stock for 1,728,159 USD was sold by Cummins Hugh S. III


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Truist Financial Corporation shares valued at $1,728,159 were sold by Cummins Hugh S. III on Jan 27. At $49.05 per share, Cummins Hugh S. III sold 35,229 shares. The insider’s holdings dropped to 307,069 shares worth approximately $13.97 million following the completion of this transaction.

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Also, ROGERS WILLIAM H JR sold 142,606 shares, netting a total of over 6,813,429 in proceeds. Following the sale of shares at $47.78 each, the insider now holds 862,590 shares.

Before that, RATCLIFFE DAVID M had added 132 shares to its account. In a trade valued at $6,203, the Director bought Truist Financial Corporation shares for $46.99 each. Upon closing the transaction, the insider’s holdings increased to 132 shares, worth approximately $0.14 million.

As published in a research note from Stephens on January 31, 2023, Truist Financial Corporation [TFC] has been rated down from an Overweight to an Equal-weight and the price target has been revised to $53. This represents a 14.15% premium over Thursday’s closing price. Analysts at Deutsche Bank downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early January. As of January 06, 2023, Deutsche Bank has decreased its “Buy” rating to a “Hold” for TFC. Earlier on October 19, 2022, Evercore ISI downgraded its rating. Their new recommendation was “an In-line” for TFC stock which previously was a “an Outperform”.

Analyzing TFC Stock Performance

On Thursday, Truist Financial Corporation [NYSE: TFC] plunged -2.57% to $45.50. The stock’s lowest price that day was $44.955, but it reached a high of $46.41 in the same session. During the last five days, there has been a drop of approximately -2.53%. Over the course of the year, Truist Financial Corporation shares have jumped approximately 5.74%. Shares of the company reached a 52-week high of $53.34 on 01/24/23 and a 52-week low of $43.01 on 01/03/23. A 50-day SMA is recorded $46.71, while a 200-day SMA reached $46.61. Nevertheless, trading volume fell to 8.37 million shares from 6.42 million shares the previous day.

Support And Resistance Levels for Truist Financial Corporation (TFC)

According to the 24-hour chart, there is a support level at 44.83, which, if violated, would cause prices to drop to 44.17. In the upper region, resistance lies at 46.29. The next price resistance is at 47.08. RSI (Relative Strength Index) is 35.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.18, which suggests the price will decrease in the coming days. Percent R is at 87.51%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Truist Financial Corporation subject to short interest?

Stocks of Truist Financial Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.59 million shares to 13.74 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 13.15 million shares. A jump of 4.29% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.89 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.89.

Which companies own the most shares of Truist Financial Corporation (TFC)?

According to The Vanguard Group, Inc. filings, the company currently owns 116,631,210 shares, which is about 8.79% of the total TFC shares outstanding. The investor’s shares have appreciated by 1,316,596 from its previous 13-F filing of 115314614.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $3,094,080,952. SSgA Funds Management, Inc. acquire a 0.24% interest valued at $2.96 billion while JPMorgan Investment Management, I purchased a 804,745 stake. A total of 180,877 shares of Truist Financial Corporation were bought by Managed Account Advisors LLC during the quarter, and 4,494,036 were bought by Wellington Management Co. LLP. In its current portfolio, Geode Capital Management LLC holds 23,598,823 shares valued at $1.17 billion.

In terms of Truist Financial Corporation share price expectations, FactSet research, analysts set an average price target of $52.36 in the next 12 months, up nearly 13.49% from the previous closing price of $46.70. Analysts anticipate Truist Financial Corporation stock to reach $60.00 by 2023, with the lowest price target being $42.00. In spite of this, 26 analysts ranked Truist Financial Corporation stock as a Hold at the end of 2023. On September 28, 2022, Piper Sandler assigned a price target of “an Overweight” to the stock and upgraded coverage with a $55.


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