Patton Albertson Miller Group LLC Lowers Position in Truist Financial Corporation (NYSE:TFC)

Patton Albertson Miller Group LLC lessened its stake in Truist Financial Corporation (NYSE:TFC) by 20.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 23,889 shares of the insurance provider’s stock after selling 6,215 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Truist Financial were worth $983,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Capital International Investors increased its position in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock worth $3,930,983,000 after buying an additional 18,712,246 shares during the period. Norges Bank purchased a new stake in Truist Financial during the fourth quarter worth $402,828,000. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after acquiring an additional 6,012,817 shares during the last quarter. FMR LLC increased its stake in Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 1.6%

TFC opened at $45.06 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average price of $41.56 and a 200-day moving average price of $42.05. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The stock has a market capitalization of $59.01 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.67 and a beta of 0.85.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.62%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is 61.36%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley decreased their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Argus set a $43.00 price objective on Truist Financial in a research note on Monday, April 21st. Raymond James Financial upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Stephens cut their target price on Truist Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Finally, Barclays lowered their price target on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.44.

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.