Cary Street Partners Investment Advisory LLC Sells 1,128 Shares of Truist Financial Co. (NYSE:TFC)

Cary Street Partners Investment Advisory LLC trimmed its stake in Truist Financial Co. (NYSE:TFC) by 1.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 78,767 shares of the insurance provider’s stock after selling 1,128 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Truist Financial were worth $2,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Truist Financial by 0.3% in the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares during the period. Charles Schwab Investment Management Inc. increased its position in Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after buying an additional 1,458,248 shares during the period. Royal Bank of Canada lifted its holdings in shares of Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock worth $440,162,000 after buying an additional 732,801 shares during the last quarter. Morgan Stanley boosted its position in shares of Truist Financial by 0.3% in the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after acquiring an additional 39,510 shares during the period. Finally, Truist Financial Corp grew its stake in shares of Truist Financial by 0.5% in the third quarter. Truist Financial Corp now owns 5,197,904 shares of the insurance provider’s stock worth $148,712,000 after acquiring an additional 26,972 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 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 directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Price Performance

TFC stock traded up $0.37 during trading on Friday, hitting $39.47. 5,245,579 shares of the stock traded hands, compared to its average volume of 8,344,186. Truist Financial Co. has a one year low of $26.49 and a one year high of $40.35. The company has a 50 day simple moving average of $37.60 and a 200 day simple moving average of $35.53. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market cap of $52.68 billion, a price-to-earnings ratio of -29.90, a P/E/G ratio of 2.02 and a beta of 1.07.

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 positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities analysts expect that Truist Financial Co. will post 3.37 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.27%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. UBS Group increased their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. Evercore ISI reissued an “in-line” rating and set a $44.00 target price on shares of Truist Financial in a research report on Thursday. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Friday. Jefferies Financial Group raised their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, Piper Sandler boosted their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $42.70.

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.