Novare Capital Management LLC Sells 18,217 Shares of Truist Financial Corporation (NYSE:TFC)

Novare Capital Management LLC decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after purchasing an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Truist Financial by 81.7% during 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 purchasing an additional 498,531 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. boosted its position in shares of Truist Financial by 4.6% during 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 purchasing an additional 19,286 shares in the last quarter. Stifel Financial Corp boosted its position in shares of Truist Financial by 2.8% during the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after purchasing an additional 60,848 shares in the last quarter. Finally, Pinnacle Financial Partners Inc boosted its position in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after purchasing an additional 47,717 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TFC shares. JPMorgan Chase & Co. cut their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Piper Sandler cut their price target on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. TD Cowen started coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Wells Fargo & Company cut their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Finally, Stephens cut their price target on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average price target of $48.39.

Truist Financial Stock Performance

Truist Financial stock traded up $0.29 during mid-day trading on Tuesday, reaching $45.45. 10,676,595 shares of the company's stock were exchanged, compared to its average volume of 8,792,831. The business's fifty day simple moving average is $40.57 and its 200 day simple moving average is $41.95. The firm has a market capitalization of $59.52 billion, a PE ratio of 13.41, a P/E/G ratio of 1.69 and a beta of 0.85. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the company earned $0.90 EPS. On average, sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.58%. Truist Financial's dividend payout ratio is 61.36%.

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.