Rhino Investment Partners Inc Lowers Stock Holdings in Truist Financial Corporation $TFC

Rhino Investment Partners Inc reduced its position in Truist Financial Corporation (NYSE:TFC) by 75.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,091 shares of the insurance provider’s stock after selling 404,163 shares during the quarter. Truist Financial makes up approximately 1.6% of Rhino Investment Partners Inc’s portfolio, making the stock its 28th biggest position. Rhino Investment Partners Inc’s holdings in Truist Financial were worth $5,888,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the period. Capital International Investors increased its stake in Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares during the period. Victory Capital Management Inc. increased its stake in Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Morgan Stanley lifted its holdings in Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after buying an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co lifted its holdings in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TFC. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $53.00 price target (down from $53.50) on shares of Truist Financial in a research report on Monday, July 20th. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.61.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 1.7%

Shares of Truist Financial stock opened at $53.02 on Wednesday. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a 50 day moving average of $50.04 and a 200 day moving average of $49.58. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $66.06 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, research analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

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.