AMG National Trust Bank Cuts Stock Holdings in Truist Financial Corporation (NYSE:TFC)

AMG National Trust Bank decreased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 77.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,195 shares of the insurance provider's stock after selling 119,445 shares during the period. AMG National Trust Bank's holdings in Truist Financial were worth $1,448,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC boosted its position in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after buying an additional 14,093 shares during the period. Thrivent Financial for Lutherans boosted its position in Truist Financial by 105.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 168,585 shares of the insurance provider's stock valued at $7,328,000 after buying an additional 86,330 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $304,000. Teacher Retirement System of Texas increased its stake in shares of Truist Financial by 781.7% during the fourth quarter. Teacher Retirement System of Texas now owns 78,989 shares of the insurance provider's stock valued at $3,427,000 after buying an additional 70,030 shares during the period. Finally, HUB Investment Partners LLC purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $321,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TFC. TD Cowen began coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. Stephens dropped their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Piper Sandler lowered their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company lowered their price target on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Finally, Argus set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 21st. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average target price of $48.72.

Truist Financial Trading Up 1.0%

Shares of TFC traded up $0.45 during midday trading on Monday, hitting $44.70. The stock had a trading volume of 9,883,791 shares, compared to its average volume of 8,366,342. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm has a market cap of $58.53 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock's 50 day moving average is $41.67 and its 200 day moving average is $42.04.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The company's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio is currently 56.68%.

Truist Financial 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.