Motco Sells 2,313 Shares of Truist Financial Co. (NYSE:TFC)

Motco cut its holdings in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 103,384 shares of the insurance provider’s stock after selling 2,313 shares during the period. Motco’s holdings in Truist Financial were worth $4,449,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TFC. Fairfield Bush & CO. purchased a new position in Truist Financial during the first quarter worth about $25,000. Elequin Securities LLC purchased a new position in Truist Financial during the fourth quarter worth about $26,000. Armstrong Advisory Group Inc. purchased a new position in Truist Financial during the fourth quarter worth about $33,000. Capital Advisors Ltd. LLC boosted its holdings in Truist Financial by 462.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 2,263 shares of the insurance provider’s stock worth $42,000 after purchasing an additional 1,861 shares during the last quarter. Finally, Western Pacific Wealth Management LP boosted its holdings in Truist Financial by 56.4% during the fourth quarter. Western Pacific Wealth Management LP now owns 1,290 shares of the insurance provider’s stock worth $56,000 after purchasing an additional 465 shares during the last quarter. 72.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on TFC shares. Wells Fargo & Company cut their price target on shares of Truist Financial from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Monday, April 3rd. Credit Suisse Group cut their price target on shares of Truist Financial from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 21st. Royal Bank of Canada dropped their target price on shares of Truist Financial from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, April 21st. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $50.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 10th. Finally, Piper Sandler dropped their target price on shares of Truist Financial from $53.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.24.

Insider Buying and Selling

In other news, Director Charles A. Patton bought 3,668 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were acquired at an average price of $19.00 per share, with a total value of $69,692.00. Following the acquisition, the director now owns 3,668 shares of the company’s stock, valued at approximately $69,692. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Charles A. Patton purchased 3,668 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were purchased at an average price of $19.00 per share, with a total value of $69,692.00. Following the acquisition, the director now directly owns 3,668 shares of the company’s stock, valued at $69,692. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David M. Ratcliffe purchased 13,125 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was bought at an average cost of $38.08 per share, for a total transaction of $499,800.00. Following the acquisition, the director now directly owns 39,025 shares in the company, valued at $1,486,072. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.20 during trading on Friday, reaching $30.73. 2,286,208 shares of the company’s stock traded hands, compared to its average volume of 12,997,647. The firm’s 50-day moving average is $31.31 and its 200 day moving average is $40.34. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $40.93 billion, a P/E ratio of 6.80, a PEG ratio of 1.58 and a beta of 1.05. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $53.34.

Truist Financial (NYSE:TFC – Get Rating) last posted its earnings results on Thursday, April 20th. The insurance provider reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). The firm had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.09 billion. Truist Financial had a return on equity of 12.37% and a net margin of 22.81%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $1.23 EPS. Equities research analysts expect that Truist Financial Co. will post 4.3 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 12th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date of this dividend is Thursday, May 11th. Truist Financial’s dividend payout ratio (DPR) is presently 46.33%.

About Truist Financial

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.