HB Wealth Management LLC Cuts Stock Holdings in Truist Financial Corporation (NYSE:TFC)

HB Wealth Management LLC reduced its stake in Truist Financial Corporation (NYSE:TFC) by 1.8% during the first quarter, HoldingsChannel.com reports. The fund owned 136,982 shares of the insurance provider’s stock after selling 2,486 shares during the quarter. HB Wealth Management LLC’s holdings in Truist Financial were worth $5,637,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Capital International Investors lifted its position in shares of Truist Financial by 26.0% in 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 in the last quarter. Norges Bank purchased a new stake in shares of Truist Financial during the 4th quarter worth approximately $402,828,000. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 922.9% during the 1st 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 in the last quarter. FMR LLC boosted 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 valued at $453,762,000 after acquiring an additional 5,457,053 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.3%

Shares of NYSE:TFC opened at $45.64 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The business’s 50 day moving average is $42.08 and its 200 day moving average is $42.10. The stock has a market cap of $59.76 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.85. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.56%. Truist Financial’s dividend payout ratio is currently 56.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Argus set a $43.00 price target on shares of Truist Financial in a research note on Monday, April 21st. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target 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. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They set a “hold” rating and a $44.00 price objective on the stock. Finally, Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.65.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.17% of the company’s stock.

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.