Beach Investment Counsel Inc. PA lessened its stake in Truist Financial Co. (NYSE:TFC – Free Report) by 27.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,612 shares of the insurance provider’s stock after selling 11,940 shares during the period. Beach Investment Counsel Inc. PA’s holdings in Truist Financial were worth $1,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently bought and sold shares of TFC. Fairfield Bush & CO. acquired a new stake in shares of Truist Financial during the first quarter worth about $25,000. Elequin Securities LLC acquired a new stake in shares of Truist Financial during the fourth quarter worth about $26,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Truist Financial during the fourth quarter worth about $28,000. J.Safra Asset Management Corp acquired a new stake in shares of Truist Financial during the fourth quarter worth about $29,000. Finally, AXS Investments LLC acquired a new stake in shares of Truist Financial during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 71.49% of the company’s stock.
Truist Financial Trading Up 0.4 %
NYSE TFC traded up $0.14 during mid-day trading on Wednesday, reaching $31.53. 2,740,987 shares of the stock were exchanged, compared to its average volume of 12,715,656. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $53.34. The business’s fifty day simple moving average is $30.48 and its 200 day simple moving average is $37.69. The stock has a market capitalization of $42.00 billion, a PE ratio of 6.99, a PEG ratio of 1.69 and a beta of 1.03. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.86 and a current ratio of 0.87.
Truist Financial (NYSE:TFC – Free Report) last announced its earnings results on Thursday, April 20th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). Truist Financial had a return on equity of 12.37% and a net margin of 22.81%. The firm had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter last year, the business posted $1.23 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, research analysts anticipate that Truist Financial Co. will post 4.16 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Friday, May 12th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.60%. Truist Financial’s dividend payout ratio (DPR) is presently 46.33%.
Insider Buying and Selling at Truist Financial
In related news, Director Charles A. Patton purchased 3,668 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were bought at an average price of $19.00 per share, for a total transaction of $69,692.00. Following the acquisition, the director now directly owns 3,668 shares in the company, valued at $69,692. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on TFC. Odeon Capital Group downgraded shares of Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 target price for the company. in a research note on Friday, June 16th. Wells Fargo & Company cut their price target on shares of Truist Financial from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Monday, April 3rd. Keefe, Bruyette & Woods raised shares of Truist Financial from an “underperform” rating to a “market perform” rating and cut their price target for the stock from $47.00 to $45.00 in a report on Sunday, March 12th. JPMorgan Chase & Co. cut their price target on shares of Truist Financial from $50.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 10th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 target price for the company in a report on Monday, March 13th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $44.81.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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.
Further Reading
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Truist Financial, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Truist Financial wasn’t on the list.
While Truist Financial currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
If a company’s CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Source: marketbeat.com
