Capital Investment Advisory Services LLC Decreases Position in Truist Financial Corporation (NYSE:TFC)

Capital Investment Advisory Services LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 60.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,538 shares of the insurance provider's stock after selling 150,896 shares during the period. Capital Investment Advisory Services LLC's holdings in Truist Financial were worth $4,096,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Comerica Bank grew its stake in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after buying an additional 498,531 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its stake in Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after buying an additional 19,286 shares in the last quarter. Stifel Financial Corp grew its stake in Truist Financial by 2.8% in the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after buying an additional 60,848 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Truist Financial by 97.1% in the 4th quarter. Assetmark Inc. now owns 91,833 shares of the insurance provider's stock valued at $3,984,000 after buying an additional 45,235 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.4%

Shares of NYSE:TFC opened at $45.23 on Friday. The stock's 50-day moving average price is $40.44 and its 200-day moving average price is $41.95. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a market capitalization of $59.23 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. The firm had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same period last year, the firm earned $0.90 earnings per share. On average, equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.60%. Truist Financial's payout ratio is 61.36%.

Analysts Set New Price Targets

TFC has been the subject of a number of recent research reports. Piper Sandler reduced their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Barclays decreased their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley decreased 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 report on Monday, April 7th. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.44.

About Truist Financial

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.

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