Truist Financial Corporation $TFC Stake Lowered by Kelleher Financial Advisors

Kelleher Financial Advisors cut its stake in Truist Financial Corporation (NYSE:TFC) by 63.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,871 shares of the insurance provider’s stock after selling 13,476 shares during the quarter. Kelleher Financial Advisors’ holdings in Truist Financial were worth $364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. N.E.W. Advisory Services LLC purchased a new stake in shares of Truist Financial during the second quarter worth $30,000. Navigoe LLC purchased a new position in Truist Financial in the second quarter valued at about $30,000. Wilkerson Advisory Group LLC grew its stake in Truist Financial by 104.0% in the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 421 shares in the last quarter. Elevation Wealth Partners LLC grew its stake in Truist Financial by 44.6% in the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 275 shares in the last quarter. Finally, Latitude Advisors LLC acquired a new position in Truist Financial in the 3rd quarter worth about $45,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Evercore reaffirmed an “outperform” rating and set a $55.00 price target (up from $54.00) on shares of Truist Financial in a research note on Tuesday, October 27th. Bank of America lowered their price target on Truist Financial from $56.00 to $53.00 in a research note on Thursday, October 8th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a research note on Friday, October 30th. TD Cowen began coverage on Truist Financial in a report on Thursday, October 8th. They issued a “hold” rating and a $52.00 price objective on the stock. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Truist Financial from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Monday, October 19th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.73.

Truist Financial Trading Up 3.1%

Shares of NYSE:TFC opened at $50.94 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $61.05 billion, a PE ratio of 13.13, a P/E/G ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 1 year low of $43.13 and a 1 year high of $56.19. The firm has a fifty day moving average price of $48.37 and a 200 day moving average price of $49.50.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the business earned $1.04 earnings per share. Truist Financial’s quarterly revenue was up 1.3% on a year-over-year basis. Analysts expect that Truist Financial Corporation will post 4.71 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is currently 53.61%.

Insider Activity at Truist Financial

In related news, CEO Michael Lyons acquired 25,000 shares of the stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the acquisition, the chief executive officer owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.