Cassaday & Co Wealth Management LLC Cuts Position in Truist Financial Corporation (NYSE:TFC)

Cassaday & Co Wealth Management LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 8.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,995 shares of the insurance provider’s stock after selling 908 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Truist Financial were worth $411,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TFC. Brighton Jones LLC increased its stake in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the period. Thrivent Financial for Lutherans raised its holdings in Truist Financial by 105.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 168,585 shares of the insurance provider’s stock worth $7,328,000 after purchasing an additional 86,330 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Truist Financial during the fourth quarter worth approximately $304,000. Teacher Retirement System of Texas raised its holdings in Truist Financial by 781.7% during the fourth quarter. Teacher Retirement System of Texas now owns 78,989 shares of the insurance provider’s stock worth $3,427,000 after purchasing an additional 70,030 shares in the last quarter. Finally, HUB Investment Partners LLC acquired a new stake in Truist Financial during the fourth quarter worth approximately $321,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Down 1.6%

NYSE:TFC opened at $44.31 on Friday. The company has a market capitalization of $58.03 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The stock has a fifty day simple moving average of $41.67 and a 200-day simple moving average of $42.05.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the firm posted $0.91 EPS. The company’s revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.69%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TFC shares. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, April 7th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.44.

Truist Financial Company 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.