Van ECK Associates Corp Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Van ECK Associates Corp decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 62.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,035 shares of the insurance provider’s stock after selling 158,822 shares during the period. Van ECK Associates Corp’s holdings in Truist Financial were worth $3,583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Morton Brown Family Wealth LLC lifted its stake in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Truist Financial in the third quarter worth approximately $26,000. Criterion Capital Advisors LLC bought a new stake in shares of Truist Financial during the 4th quarter worth approximately $38,000. Operose Advisors LLC purchased a new position in Truist Financial during the 3rd quarter valued at $31,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.5 %

NYSE:TFC opened at $39.43 on Tuesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50-day simple moving average is $37.25 and its 200-day simple moving average is $35.30. Truist Financial Co. has a fifty-two week low of $26.49 and a fifty-two week high of $39.50.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company earned $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Co. will post 3.3 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders 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 5.28%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on TFC shares. Citigroup lifted their target price on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Royal Bank of Canada boosted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, HSBC increased their price objective on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $41.88.

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.