Carnegie Capital Asset Management LLC Sells 8,382 Shares of Truist Financial Co. (NYSE:TFC)

Carnegie Capital Asset Management LLC trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 17.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,959 shares of the insurance provider’s stock after selling 8,382 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Truist Financial were worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fairfield Bush & CO. bought a new position in shares of Truist Financial during the 1st quarter valued at $25,000. Morton Brown Family Wealth LLC lifted its holdings in shares of Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares during the period. Quarry LP bought a new position in shares of Truist Financial during the 1st quarter valued at $32,000. OFI Invest Asset Management bought a new position in shares of Truist Financial during the 3rd quarter valued at $26,000. Finally, Operose Advisors LLC bought a new position in shares of Truist Financial during the 3rd quarter valued at $31,000. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TFC. Piper Sandler increased their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Morgan Stanley upped their price objective on Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Raymond James upped their price objective 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, Keefe, Bruyette & Woods upped their price objective on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $41.47.

Truist Financial Trading Down 0.2 %

Shares of TFC stock opened at $36.71 on Tuesday. Truist Financial Co. has a 52-week low of $25.56 and a 52-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. The firm has a market capitalization of $48.99 billion, a PE ratio of -33.99, a PEG ratio of 2.27 and a beta of 1.08. The stock has a fifty day simple moving average of $36.64 and a two-hundred day simple moving average of $34.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same quarter last year, the business posted $1.30 earnings per share. On average, analysts predict that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.67%. Truist Financial’s payout ratio is -192.59%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

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.