Cornerstone Wealth Group LLC Sells 10,190 Shares of Truist Financial Corporation $TFC

Cornerstone Wealth Group LLC cut its position in Truist Financial Corporation (NYSE:TFC) by 7.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 131,612 shares of the insurance provider’s stock after selling 10,190 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $6,721,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 3Chopt Investment Partners LLC lifted its position in shares of Truist Financial by 1.3% during the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after buying an additional 193 shares during the last quarter. IFP Advisors Inc boosted its stake in Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after buying an additional 194 shares in the last quarter. AlphaCore Capital LLC grew its position in Truist Financial by 8.3% in the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after acquiring an additional 199 shares during the last quarter. CYBER HORNET ETFs LLC grew its position in Truist Financial by 5.5% in the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after acquiring an additional 199 shares during the last quarter. Finally, Mindset Wealth Management LLC raised its stake in Truist Financial by 0.6% during the fourth quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider’s stock worth $1,706,000 after acquiring an additional 201 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TFC. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Morgan Stanley lowered their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Royal Bank Of Canada increased their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. cut their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Finally, Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

Truist Financial Price Performance

TFC stock opened at $50.48 on Friday. The company has a market capitalization of $62.90 billion, a P/E ratio of 12.53, a PEG ratio of 0.86 and a beta of 0.89. The company has a fifty day moving average price of $49.17 and a 200-day moving average price of $49.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 earnings per share. As a group, equities analysts expect that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s payout ratio is 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.