Mitchell Mcleod Pugh & Williams Inc. Lowers Stock Position in Truist Financial Co. (NYSE:TFC)

Mitchell Mcleod Pugh & Williams Inc. trimmed its position in Truist Financial Co. (NYSE:TFC) by 12.9% in the 4th quarter, HoldingsChannel reports. The fund owned 13,265 shares of the insurance provider’s stock after selling 1,957 shares during the quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Truist Financial were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Silver Oak Securities Incorporated boosted its stake in shares of Truist Financial by 57.3% in the fourth quarter. Silver Oak Securities Incorporated now owns 11,715 shares of the insurance provider’s stock worth $433,000 after acquiring an additional 4,269 shares during the period. Convergence Investment Partners LLC purchased a new stake in Truist Financial during the 4th quarter valued at approximately $354,000. RiverFront Investment Group LLC purchased a new position in shares of Truist Financial in the fourth quarter worth $226,000. Principle Wealth Partners LLC grew its stake in Truist Financial by 13.3% during the fourth quarter. Principle Wealth Partners LLC now owns 63,213 shares of the insurance provider’s stock valued at $2,334,000 after acquiring an additional 7,444 shares in the last quarter. Finally, Valmark Advisers Inc. lifted its stake in Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TFC. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. Barclays lifted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, Piper Sandler raised their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $41.97.

Truist Financial Stock Performance

Truist Financial stock opened at $38.32 on Tuesday. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The company has a market capitalization of $51.14 billion, a PE ratio of -29.03, a P/E/G ratio of 2.01 and a beta of 1.08. The company has a 50 day moving average price of $36.94 and a 200-day moving average price of $34.97. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the company earned $1.09 EPS. The business’s revenue was down 8.8% compared to the same quarter last year. As a group, equities analysts forecast that Truist Financial Co. will post 3.27 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

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.