Monetary Management Group Inc. reduced its stake in Truist Financial Corporation (NYSE:TFC) by 65.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,736 shares of the insurance provider’s stock after selling 5,180 shares during the period. Monetary Management Group Inc.’s holdings in Truist Financial were worth $84,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Covington Capital Management bought a new stake in Truist Financial in the fourth quarter valued at $25,000. Global Trust Asset Management LLC bought a new stake in Truist Financial in the fourth quarter valued at $28,000. Sofos Investments Inc. bought a new stake in shares of Truist Financial during the fourth quarter worth about $28,000. Harwood Advisory Group LLC bought a new stake in shares of Truist Financial during the first quarter worth about $31,000. Finally, Westside Investment Management Inc. bought a new stake in shares of Truist Financial during the first quarter worth about $32,000. 72.10% of the stock is owned by hedge funds and other institutional investors.
Shares of TFC stock traded down $3.65 during trading on Thursday, reaching $37.86. 647,593 shares of the company’s stock traded hands, compared to its average volume of 7,604,430. The company has a market capitalization of $55.93 billion, a P/E ratio of 10.81, a PEG ratio of 1.92 and a beta of 1.44. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.07. The firm’s 50-day moving average is $36.17 and its 200 day moving average is $44.97. Truist Financial Corporation has a 1 year low of $24.01 and a 1 year high of $56.92.
Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, April 20th. The insurance provider reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.33. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Truist Financial had a net margin of 19.60% and a return on equity of 8.98%. Truist Financial’s revenue was up 93.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. As a group, sell-side analysts predict that Truist Financial Corporation will post 2.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date of this dividend was Thursday, May 14th. Truist Financial’s dividend payout ratio (DPR) is presently 41.19%.
Several research analysts recently weighed in on TFC shares. Argus cut their price target on shares of Truist Financial from $65.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. Wells Fargo & Co boosted their price target on shares of Truist Financial from $40.00 to $51.00 in a report on Friday, June 5th. Credit Suisse Group cut their price target on shares of Truist Financial from $55.00 to $42.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. UBS Group boosted their price target on shares of Truist Financial to $36.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Finally, Cfra dropped their target price on shares of Truist Financial from $56.00 to $39.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $47.71.
In related news, VP Brantley J. Standridge sold 4,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $31.82, for a total transaction of $152,736.00. Following the sale, the vice president now owns 14,010 shares of the company’s stock, valued at approximately $445,798.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ellen Koebler sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $31.97, for a total transaction of $319,700.00. Following the sale, the insider now directly owns 16,859 shares in the company, valued at approximately $538,982.23. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.
Truist Financial Profile
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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