Cornerstone Advisory LLC Sells 769 Shares of Truist Financial Co. (NYSE:TFC)

Cornerstone Advisory LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,030 shares of the insurance provider’s stock after selling 769 shares during the quarter. Cornerstone Advisory LLC’s holdings in Truist Financial were worth $891,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. PBMares Wealth Management LLC lifted its stake in shares of Truist Financial by 0.8% in the 4th quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after purchasing an additional 224 shares during the period. Koshinski Asset Management Inc. raised its stake in shares of Truist Financial by 2.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after purchasing an additional 225 shares during the last quarter. FWG Holdings LLC raised its stake in shares of Truist Financial by 4.3% in the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after purchasing an additional 234 shares during the last quarter. Avestar Capital LLC raised its stake in shares of Truist Financial by 4.1% in the fourth quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider’s stock worth $273,000 after purchasing an additional 250 shares during the last quarter. Finally, Pathway Financial Advisors LLC raised its stake in shares of Truist Financial by 2.2% in the fourth quarter. Pathway Financial Advisors LLC now owns 12,124 shares of the insurance provider’s stock worth $526,000 after purchasing an additional 260 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TFC. Keefe, Bruyette & Woods reduced their price objective on Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Citigroup reduced their price objective on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Wells Fargo & Company reduced their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Finally, Argus set a $43.00 price objective on Truist Financial in a research report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.83.

Truist Financial Stock Performance

NYSE TFC opened at $39.16 on Thursday. The firm has a market cap of $51.28 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $38.85 and a 200-day moving average price of $43.18. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the prior year, the company posted $0.90 earnings per share. As a group, equities research analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is 61.36%.

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.