Truist Financial Corporation $TFC Shares Sold by Wealth Alliance LLC

Wealth Alliance LLC lessened its position in shares of Truist Financial Corporation (NYSE:TFC) by 27.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,039 shares of the insurance provider’s stock after selling 11,115 shares during the quarter. Wealth Alliance LLC’s holdings in Truist Financial were worth $1,381,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. increased its position in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after buying an additional 40,393 shares in the last quarter. Ritholtz Wealth Management boosted its position in shares of Truist Financial by 91.9% in the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after buying an additional 21,903 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Truist Financial by 531.8% in the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares in the last quarter. LBP AM SA acquired a new stake in Truist Financial in the 4th quarter valued at about $10,836,000. Finally, Carnegie Investment Counsel grew its stake in Truist Financial by 57.8% in the 4th quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after acquiring an additional 38,750 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TFC. Morgan Stanley reissued an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Evercore reissued an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. UBS Group downgraded 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 report on Tuesday, July 7th. Finally, Stephens decreased their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday. 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 company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $54.61.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $51.75 on Friday. The business has a 50-day moving average of $49.81 and a two-hundred day moving average of $49.56. The firm has a market capitalization of $64.48 billion, a PE ratio of 11.87, a P/E/G ratio of 0.94 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.52 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s payout ratio is 47.71%.

Truist Financial Company Profile

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.