Csenge Advisory Group Sells 25,077 Shares of Truist Financial Corporation (NYSE:TFC)

Csenge Advisory Group cut its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 24.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 75,695 shares of the insurance provider's stock after selling 25,077 shares during the quarter. Csenge Advisory Group's holdings in Truist Financial were worth $3,115,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Navigoe LLC purchased a new position in Truist Financial during the fourth quarter worth about $26,000. Centennial Bank AR grew its position in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares in the last quarter. Sierra Ocean LLC grew its position in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares in the last quarter. Rossby Financial LCC purchased a new position in Truist Financial during the first quarter worth about $43,000. Finally, Pinney & Scofield Inc. purchased a new position in Truist Financial during the fourth quarter worth about $57,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TFC shares. JPMorgan Chase & Co. cut their price objective on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Argus set a $43.00 price objective on Truist Financial in a report on Monday, April 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Barclays cut their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, Raymond James Financial upgraded 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. Eight 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Stock Down 1.6%

Shares of TFC stock traded down $0.70 during midday trading on Friday, reaching $44.31. 13,738,714 shares of the stock were exchanged, compared to its average volume of 8,360,087. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company's 50 day moving average is $41.67 and its two-hundred day moving average is $42.05. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a market cap of $58.03 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The business's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 EPS. On average, equities research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid 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 4.69%. Truist Financial's dividend payout ratio is 56.68%.

Truist Financial Company 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.