Burgundy Asset Management Ltd. Sells 214,916 Shares of Truist Financial Co. (NYSE:TFC)

Burgundy Asset Management Ltd. trimmed its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 9.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,129,213 shares of the insurance provider's stock after selling 214,916 shares during the period. Burgundy Asset Management Ltd. owned about 0.16% of Truist Financial worth $92,365,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial during the 4th quarter worth about $26,000. Navigoe LLC bought a new stake in Truist Financial during the 4th quarter worth approximately $26,000. Curio Wealth LLC acquired a new stake in Truist Financial during the 4th quarter valued at $45,000. Brown Lisle Cummings Inc. acquired a new position in Truist Financial during the 4th quarter worth $55,000. Finally, TCTC Holdings LLC boosted its position in Truist Financial by 28.1% in the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock valued at $57,000 after buying an additional 287 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC traded down $0.30 on Wednesday, hitting $39.73. 2,378,383 shares of the stock were exchanged, compared to its average volume of 9,111,502. The company has a market capitalization of $52.02 billion, a PE ratio of 11.92, a P/E/G ratio of 1.63 and a beta of 0.83. 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 business's fifty day moving average is $38.72 and its 200 day moving average is $43.03. Truist Financial Co. has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the prior year, the firm earned $0.90 EPS. Research analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.24%. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research reports. Citigroup lowered their price objective on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Barclays reduced their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Morgan Stanley cut their price objective on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, April 7th. Piper Sandler dropped their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.83.

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.