1834 Investment Advisors Co. Cuts Stock Position in Truist Financial Corporation (NYSE:TFC)

1834 Investment Advisors Co. reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 188,197 shares of the insurance provider’s stock after selling 7,700 shares during the period. Truist Financial comprises 1.0% of 1834 Investment Advisors Co.’s investment portfolio, making the stock its 27th largest holding. 1834 Investment Advisors Co.’s holdings in Truist Financial were worth $7,744,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position 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 in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Truist Financial by 17.8% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 22,952 shares of the insurance provider’s stock valued at $996,000 after purchasing an additional 3,468 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in shares of Truist Financial in the 4th quarter valued at $498,000. Russell Investments Group Ltd. raised its holdings in shares of Truist Financial by 13.9% in the 4th quarter. Russell Investments Group Ltd. now owns 412,136 shares of the insurance provider’s stock valued at $17,878,000 after purchasing an additional 50,347 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. TD Cowen initiated coverage on Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target on the stock. Morgan Stanley reiterated a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Tuesday, July 8th. Finally, 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. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $48.65.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $43.02 on Thursday. The firm has a market cap of $55.47 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.62 and a beta of 0.87. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The business’s 50-day moving average price is $42.72 and its 200 day moving average price is $42.08. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The firm’s revenue was down 406.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.91 earnings per share. On average, equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial’s payout ratio is currently 56.68%.

About Truist Financial

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.