Novare Capital Management LLC lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 25.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,593 shares of the insurance provider's stock after selling 18,217 shares during the period. Novare Capital Management LLC's holdings in Truist Financial were worth $2,164,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC acquired a new position in Truist Financial in the fourth quarter worth about $26,000. Rossby Financial LCC acquired a new position in Truist Financial in the first quarter worth about $43,000. Curio Wealth LLC acquired a new position in Truist Financial in the fourth quarter worth about $45,000. Finally, TCTC Holdings LLC raised its position in Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after purchasing an additional 287 shares in the last quarter. Institutional investors own 71.28% of the company's stock.
Truist Financial Price Performance
Shares of Truist Financial stock traded up $0.20 during midday trading on Friday, reaching $45.23. The company had a trading volume of 5,612,374 shares, compared to its average volume of 8,275,976. 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 company has a market capitalization of $59.23 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The stock has a fifty day simple moving average of $40.44 and a 200 day simple moving average of $41.94. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.
Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts' consensus estimates of $0.87. The business had revenue of $4.95 billion during 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 quarter last year, the business posted $0.90 earnings per share. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.
Truist Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio is currently 61.36%.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Barclays dropped their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Morgan Stanley dropped their price target on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods dropped their price target on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and an average price target of $48.44.
Read Our Latest Research Report on TFC
Truist Financial Company Profile
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Free Report)
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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