Truist Financial Co. (NYSE:TFC) Shares Sold by Concord Wealth Partners

Concord Wealth Partners trimmed its position in Truist Financial Co. (NYSE:TFC) by 3.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,115 shares of the insurance provider’s stock after selling 2,632 shares during the period. Concord Wealth Partners’ holdings in Truist Financial were worth $2,773,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TFC. Commonwealth Equity Services LLC lifted its holdings in shares of Truist Financial by 4.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 725,595 shares of the insurance provider’s stock worth $20,759,000 after purchasing an additional 27,627 shares during the last quarter. SVB Wealth LLC lifted its position in Truist Financial by 84.2% in the 3rd quarter. SVB Wealth LLC now owns 21,161 shares of the insurance provider’s stock valued at $605,000 after purchasing an additional 9,673 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Truist Financial by 10.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 344,777 shares of the insurance provider’s stock worth $9,864,000 after buying an additional 33,405 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Truist Financial by 10.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 348,299 shares of the insurance provider’s stock valued at $9,965,000 after purchasing an additional 33,362 shares during the period. Finally, Xponance Inc. lifted its stake in shares of Truist Financial by 3.3% in the 3rd quarter. Xponance Inc. now owns 169,740 shares of the insurance provider’s stock worth $4,856,000 after acquiring an additional 5,451 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

TFC traded up $1.10 on Wednesday, reaching $38.65. The stock had a trading volume of 2,790,695 shares, compared to its average volume of 9,476,766. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The firm has a 50-day moving average of $36.98 and a 200-day moving average of $35.03. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $51.58 billion, a price-to-earnings ratio of -28.67, a price-to-earnings-growth ratio of 2.02 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.09 EPS. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.27 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.38%. Truist Financial’s payout ratio is currently -157.58%.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TFC shares. Citigroup increased their price target on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $42.00 in a research report on Tuesday, April 23rd. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Finally, HSBC lifted their price target on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.97.

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.