Aquatic Capital Management LLC Cuts Stake in Truist Financial Co. (NYSE:TFC)

Aquatic Capital Management LLC lessened its position in Truist Financial Co. (NYSE:TFC - Free Report) by 91.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,834 shares of the insurance provider's stock after selling 587,866 shares during the period. Aquatic Capital Management LLC's holdings in Truist Financial were worth $2,379,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Bangor Savings Bank increased its holdings in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 272 shares during the period. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. Curio Wealth LLC purchased a new stake in Truist Financial in the fourth quarter worth $45,000. City State Bank boosted its holdings in Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new position in Truist Financial during the 4th quarter valued at $55,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Morgan Stanley reduced their price target on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, April 7th. Barclays reduced their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. HSBC upgraded Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Wells Fargo & Company reduced their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Finally, Raymond James cut shares of Truist Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.83.

Truist Financial Stock Performance

Shares of NYSE:TFC traded up $0.28 during trading on Thursday, hitting $38.62. The company's stock had a trading volume of 5,511,925 shares, compared to its average volume of 8,170,452. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $50.41 billion, a price-to-earnings ratio of 11.60, a P/E/G ratio of 1.63 and a beta of 0.91. The company has a 50-day moving average of $39.73 and a 200-day moving average of $43.51. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period last year, the firm earned $0.90 earnings per share. On average, sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.39%. The ex-dividend date of this dividend is Friday, May 9th. Truist Financial's payout ratio is 61.36%.

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.