Procyon Advisors LLC Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Procyon Advisors LLC lowered its stake in Truist Financial Co. (NYSE:TFC) by 8.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,984 shares of the insurance provider’s stock after selling 1,762 shares during the quarter. Procyon Advisors LLC’s holdings in Truist Financial were worth $701,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Douglas Lane & Associates LLC grew its holdings in shares of Truist Financial by 6.3% during the third quarter. Douglas Lane & Associates LLC now owns 1,544,537 shares of the insurance provider’s stock worth $44,189,000 after buying an additional 91,579 shares in the last quarter. Loudon Investment Management LLC raised its holdings in Truist Financial by 18.5% in the 3rd quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock valued at $3,759,000 after acquiring an additional 20,490 shares during the last quarter. Pathstone Family Office LLC lifted its stake in shares of Truist Financial by 84.8% during the 3rd quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after purchasing an additional 44,659 shares during the period. Cerity Partners LLC boosted its holdings in shares of Truist Financial by 36.5% during the second quarter. Cerity Partners LLC now owns 679,604 shares of the insurance provider’s stock worth $20,626,000 after purchasing an additional 181,828 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in shares of Truist Financial by 37.8% in the third quarter. Qube Research & Technologies Ltd now owns 2,700,400 shares of the insurance provider’s stock valued at $77,258,000 after purchasing an additional 740,722 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $38.97 on Friday. The business has a 50 day moving average price of $36.41 and a two-hundred day moving average price of $33.42. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. On average, equities analysts predict that Truist Financial Co. will post 3.39 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Insider Buying and Selling at Truist Financial

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TFC. TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Thursday, January 4th. Stephens raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $41.00 to $43.00 in a research report on Tuesday, March 19th. Barclays increased their price target on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Piper Sandler boosted their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus target price of $40.30.

Truist Financial Company Profile

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.