Montgomery Investment Management Inc. cut its position in shares of Truist Financial Co. (NYSE:TFC) by 0.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 475,588 shares of the insurance provider’s stock after selling 556 shares during the quarter. Truist Financial comprises 10.6% of Montgomery Investment Management Inc.’s portfolio, making the stock its biggest position. Montgomery Investment Management Inc.’s holdings in Truist Financial were worth $27,736,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in TFC. Cozad Asset Management Inc. boosted its position in shares of Truist Financial by 2.6% in the fourth quarter. Cozad Asset Management Inc. now owns 7,225 shares of the insurance provider’s stock worth $346,000 after buying an additional 185 shares during the period. Heron Financial Group LLC lifted its holdings in Truist Financial by 1.7% during the 4th quarter. Heron Financial Group LLC now owns 11,568 shares of the insurance provider’s stock worth $596,000 after buying an additional 190 shares during the last quarter. Radnor Capital Management LLC raised its position in shares of Truist Financial by 1.9% during the 4th quarter. Radnor Capital Management LLC now owns 10,219 shares of the insurance provider’s stock worth $490,000 after purchasing an additional 194 shares during the period. Pinnacle Bancorp Inc. raised its position in shares of Truist Financial by 23.8% during the 1st quarter. Pinnacle Bancorp Inc. now owns 1,009 shares of the insurance provider’s stock worth $59,000 after purchasing an additional 194 shares during the period. Finally, Sunbelt Securities Inc. raised its position in shares of Truist Financial by 1.7% during the 4th quarter. Sunbelt Securities Inc. now owns 12,106 shares of the insurance provider’s stock worth $580,000 after purchasing an additional 203 shares during the period. Institutional investors own 72.11% of the company’s stock.
TFC stock traded up $0.29 during trading on Tuesday, reaching $59.48. 209,631 shares of the stock were exchanged, compared to its average volume of 5,913,952. Truist Financial Co. has a twelve month low of $29.87 and a twelve month high of $61.26. The company has a market capitalization of $79.97 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 1.75 and a beta of 1.36. The stock has a 50 day simple moving average of $58.50 and a 200-day simple moving average of $51.86. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 1st. Shareholders of record on Friday, May 14th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date is Thursday, May 13th. Truist Financial’s payout ratio is 41.19%.
In other news, EVP Scott Case sold 9,851 shares of the business’s stock in a transaction that occurred on Wednesday, March 17th. The stock was sold at an average price of $58.39, for a total value of $575,199.89. Following the transaction, the executive vice president now directly owns 20,583 shares of the company’s stock, valued at approximately $1,201,841.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Cynthia B. Powell sold 2,201 shares of the business’s stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $58.31, for a total value of $128,340.31. Following the completion of the transaction, the vice president now directly owns 2,133 shares in the company, valued at $124,375.23. The disclosure for this sale can be found here. Insiders have sold 20,997 shares of company stock worth $1,223,463 over the last ninety days. Company insiders own 0.35% of the company’s stock.
TFC has been the topic of a number of research reports. Raymond James increased their price target on Truist Financial from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 13th. JPMorgan Chase & Co. raised their target price on Truist Financial from $60.50 to $63.00 in a research report on Monday. Deutsche Bank Aktiengesellschaft raised their target price on Truist Financial from $56.00 to $65.00 in a research report on Monday, March 15th. Truist cut Truist Financial from a “buy” rating to a “hold” rating in a research report on Thursday, January 7th. Finally, Morgan Stanley raised their target price on Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 30th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Truist Financial has an average rating of “Hold” and a consensus price target of $55.00.
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.
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