Kovack Advisors Inc. Buys 361 Shares of Truist Financial Co. (NYSE:TFC)

Kovack Advisors Inc. boosted its stake in Truist Financial Co. (NYSE:TFC) by 4.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,363 shares of the insurance provider’s stock after purchasing an additional 361 shares during the quarter. Kovack Advisors Inc.’s holdings in Truist Financial were worth $346,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TFC. Day & Ennis LLC raised its position in shares of Truist Financial by 4.3% in the 4th quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock valued at $278,000 after acquiring an additional 311 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its holdings in shares of Truist Financial by 32.0% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,333 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 323 shares in the last quarter. Cape Investment Advisory Inc. boosted its position in shares of Truist Financial by 7.4% during the third quarter. Cape Investment Advisory Inc. now owns 4,849 shares of the insurance provider’s stock worth $139,000 after buying an additional 335 shares during the period. Birmingham Capital Management Co. Inc. AL grew its holdings in shares of Truist Financial by 4.1% during the third quarter. Birmingham Capital Management Co. Inc. AL now owns 8,544 shares of the insurance provider’s stock worth $244,000 after buying an additional 335 shares in the last quarter. Finally, Farmers Trust Co. raised its position in Truist Financial by 2.8% in the 4th quarter. Farmers Trust Co. now owns 12,190 shares of the insurance provider’s stock valued at $450,000 after buying an additional 336 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $38.32 on Tuesday. The stock has a fifty day moving average of $36.94 and a 200-day moving average of $34.97. 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 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period last year, the firm earned $1.09 earnings per share. On average, research analysts forecast that Truist Financial Co. will post 3.27 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Piper Sandler raised their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. HSBC boosted their price target on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Thursday, January 4th. Finally, Wells Fargo & Company upped their target price on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average 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.