Burgundy Asset Management Ltd. Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Burgundy Asset Management Ltd. trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,226,239 shares of the insurance provider’s stock after selling 64,413 shares during the period. Burgundy Asset Management Ltd.’s holdings in Truist Financial were worth $119,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Operose Advisors LLC purchased a new stake in Truist Financial during the third quarter worth approximately $31,000. Missouri Trust & Investment Co lifted its position in shares of Truist Financial by 227.2% during the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after buying an additional 593 shares during the last quarter. Tyler Stone Wealth Management acquired a new position in shares of Truist Financial in the 3rd quarter valued at $33,000. Morton Brown Family Wealth LLC boosted its holdings in shares of Truist Financial by 236.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares in the last quarter. Finally, Northwest Financial Advisors purchased a new position in shares of Truist Financial in the 4th quarter valued at $34,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

TFC stock traded up $0.03 on Wednesday, reaching $36.68. The company had a trading volume of 2,502,035 shares, compared to its average volume of 8,832,562. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The company’s fifty day moving average is $38.23 and its 200 day moving average is $36.67. The company has a market cap of $49.08 billion, a P/E ratio of -27.77, a PEG ratio of 1.85 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 EPS. On average, research analysts forecast that Truist Financial Co. will post 3.33 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Barclays assumed coverage on shares of Truist Financial in a research note on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price objective for the company. Jefferies Financial Group raised their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. HSBC lifted their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Evercore ISI restated an “in-line” rating and set a $44.00 target price on shares of Truist Financial in a research report on Thursday, May 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and a consensus target price of $43.17.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by corporate insiders.

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.