Wealthspire Advisors LLC Sells 2,970 Shares of Truist Financial Corporation (NYSE:TFC)

Wealthspire Advisors LLC cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 8.8% in the 1st quarter, HoldingsChannel reports. The fund owned 30,633 shares of the insurance provider’s stock after selling 2,970 shares during the period. Wealthspire Advisors LLC’s holdings in Truist Financial were worth $1,261,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Leisure Capital Management increased its holdings in Truist Financial by 11.8% during the 1st quarter. Leisure Capital Management now owns 19,247 shares of the insurance provider’s stock worth $792,000 after purchasing an additional 2,039 shares in the last quarter. Maxi Investments CY Ltd lifted its stake in Truist Financial by 114.6% during the 1st quarter. Maxi Investments CY Ltd now owns 56,000 shares of the insurance provider’s stock valued at $2,304,000 after acquiring an additional 29,900 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of Truist Financial by 13.7% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 3,146 shares of the insurance provider’s stock worth $129,000 after acquiring an additional 379 shares in the last quarter. Empower Advisory Group LLC grew its stake in shares of Truist Financial by 319.8% in the 1st quarter. Empower Advisory Group LLC now owns 29,143 shares of the insurance provider’s stock worth $1,199,000 after acquiring an additional 22,201 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Truist Financial by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 687,585 shares of the insurance provider’s stock valued at $28,294,000 after purchasing an additional 14,286 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods lowered Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Argus set a $43.00 price target on shares of Truist Financial in a report on Monday, April 21st. Finally, TD Cowen initiated coverage on shares of Truist Financial in a report on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target on the stock. Seven 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.65.

Truist Financial Price Performance

TFC stock opened at $43.02 on Thursday. The firm has a 50 day moving average of $42.72 and a 200-day moving average of $42.08. The firm has a market capitalization of $55.47 billion, a P/E ratio of 11.72, a price-to-earnings-growth ratio of 1.62 and a beta of 0.87. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The business’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.8%. The ex-dividend date is Friday, August 8th. Truist Financial’s payout ratio is presently 56.68%.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares of the company’s stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by 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.