DAVENPORT & Co LLC Trims Stock Position in Truist Financial Corporation (NYSE:TFC)

DAVENPORT & Co LLC lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 483,422 shares of the insurance provider's stock after selling 7,794 shares during the period. DAVENPORT & Co LLC's holdings in Truist Financial were worth $19,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Hopwood Financial Services Inc. acquired a new stake in Truist Financial during the fourth quarter valued at $26,000. Navigoe LLC acquired a new stake in Truist Financial during the fourth quarter valued at $26,000. Curio Wealth LLC acquired a new stake in Truist Financial during the fourth quarter valued at $45,000. TCTC Holdings LLC grew its position in Truist Financial by 28.1% during the fourth 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 period. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial during the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

TFC traded up $0.20 on Thursday, reaching $45.23. 5,612,374 shares of the company's stock were exchanged, compared to its average volume of 8,262,880. The stock has a market cap of $59.23 billion, a PE ratio of 13.34, a P/E/G ratio of 1.67 and a beta of 0.85. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The stock's fifty day moving average price is $40.29 and its 200-day moving average price is $41.95. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same period in the previous year, the business posted $0.90 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors 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 dividend on an annualized basis and a yield of 4.60%. Truist Financial's payout ratio is presently 61.36%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. TD Cowen assumed coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods dropped their price target on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Barclays dropped 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 research report on Monday, April 21st. Finally, Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

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.