Choreo LLC Has $5.30 Million Stock Position in Truist Financial Corporation (NYSE:TFC)

Choreo LLC lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 8.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,707 shares of the insurance provider's stock after selling 12,463 shares during the quarter. Choreo LLC's holdings in Truist Financial were worth $5,296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TFC. Comerica Bank raised its stake in Truist Financial by 3.6% during the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after acquiring an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in Truist Financial by 81.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after acquiring an additional 498,531 shares during the period. Code Waechter LLC acquired a new stake in Truist Financial during the first quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after acquiring an additional 19,286 shares during the period. Finally, Stifel Financial Corp raised its stake in Truist Financial by 2.8% during the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock worth $97,291,000 after acquiring an additional 60,848 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. Piper Sandler decreased their price objective on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Wells Fargo & Company decreased their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Finally, 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. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Trading Up 0.3%

Shares of TFC stock traded up $0.16 on Friday, hitting $45.64. The stock had a trading volume of 6,278,182 shares, compared to its average volume of 8,237,608. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The firm has a market cap of $59.76 billion, a P/E ratio of 12.44, a PEG ratio of 1.70 and a beta of 0.85. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average price of $42.08 and a two-hundred day moving average price of $42.10.

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

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.56%. Truist Financial's payout ratio is 56.68%.

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.