Burgundy Asset Management Ltd. Cuts Position in Truist Financial Co. (NYSE:TFC)

Burgundy Asset Management Ltd. lowered its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,129,213 shares of the insurance provider's stock after selling 214,916 shares during the quarter. Burgundy Asset Management Ltd. owned about 0.16% of Truist Financial worth $92,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vise Technologies Inc. boosted its position in Truist Financial by 31.0% during the fourth quarter. Vise Technologies Inc. now owns 12,884 shares of the insurance provider's stock valued at $559,000 after purchasing an additional 3,050 shares in the last quarter. Inspire Trust Co. N.A. lifted its holdings in shares of Truist Financial by 9.3% during the 4th quarter. Inspire Trust Co. N.A. now owns 82,000 shares of the insurance provider's stock valued at $3,557,000 after purchasing an additional 7,000 shares during the last quarter. Poehling Capital Management INC. lifted its holdings in shares of Truist Financial by 0.6% during the 4th quarter. Poehling Capital Management INC. now owns 51,201 shares of the insurance provider's stock valued at $2,221,000 after purchasing an additional 307 shares during the last quarter. Continuum Advisory LLC lifted its holdings in shares of Truist Financial by 12.1% during the 4th quarter. Continuum Advisory LLC now owns 9,084 shares of the insurance provider's stock valued at $394,000 after purchasing an additional 980 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its holdings in shares of Truist Financial by 8.1% during the 4th quarter. Lantern Wealth Advisors LLC now owns 5,473 shares of the insurance provider's stock valued at $237,000 after purchasing an additional 412 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.72 during trading on Tuesday, reaching $40.00. 5,674,594 shares of the company traded hands, compared to its average volume of 8,267,523. The firm's fifty day simple moving average is $38.75 and its 200 day simple moving average is $43.05. The stock has a market cap of $52.38 billion, a P/E ratio of 12.01, a PEG ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the business posted $0.90 EPS. As a group, research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be paid a $0.52 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.20%. Truist Financial's dividend payout ratio is presently 61.36%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Stephens decreased their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, April 21st. TD Cowen assumed coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 price objective for the company. Morgan Stanley decreased their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, April 7th. Keefe, Bruyette & Woods decreased their price objective on Truist Financial from $53.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Finally, Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.