Sheets Smith Wealth Management Sells 4,777 Shares of Truist Financial Co. (NYSE:TFC)

Sheets Smith Wealth Management decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 21.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,977 shares of the insurance provider’s stock after selling 4,777 shares during the quarter. Sheets Smith Wealth Management’s holdings in Truist Financial were worth $664,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TFC. WealthShield Partners LLC raised its stake in Truist Financial by 318.1% during the third quarter. WealthShield Partners LLC now owns 30,811 shares of the insurance provider’s stock valued at $882,000 after purchasing an additional 23,442 shares in the last quarter. Verdence Capital Advisors LLC raised its stake in shares of Truist Financial by 18.3% in the third quarter. Verdence Capital Advisors LLC now owns 73,106 shares of the insurance provider’s stock valued at $2,092,000 after acquiring an additional 11,310 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Truist Financial by 0.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 513,851 shares of the insurance provider’s stock valued at $14,701,000 after acquiring an additional 2,634 shares during the period. Mackenzie Financial Corp raised its stake in shares of Truist Financial by 10.3% in the third quarter. Mackenzie Financial Corp now owns 152,687 shares of the insurance provider’s stock valued at $4,152,000 after acquiring an additional 14,230 shares during the period. Finally, Castleview Partners LLC raised its stake in shares of Truist Financial by 2,428.0% in the third quarter. Castleview Partners LLC now owns 3,337 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 3,205 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now 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 available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Up 1.3 %

Truist Financial stock traded up $0.52 during midday trading on Monday, hitting $39.37. 3,154,926 shares of the company’s stock were exchanged, compared to its average volume of 9,412,343. The firm has a 50-day moving average of $37.16 and a two-hundred day moving average of $35.22. Truist Financial Co. has a 12 month low of $26.49 and a 12 month high of $39.42. The company has a market cap of $52.54 billion, a PE ratio of -29.67, a P/E/G ratio of 2.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

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, beating analysts’ consensus estimates 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 firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the company earned $1.09 EPS. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. As a group, analysts expect that Truist Financial Co. will post 3.3 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.28%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Thursday. UBS Group upped their price target on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. Finally, TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

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.