Patton Albertson Miller Group LLC Decreases Stake in Truist Financial Corporation (NYSE:TFC)

Patton Albertson Miller Group LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 20.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,889 shares of the insurance provider's stock after selling 6,215 shares during the period. Patton Albertson Miller Group LLC's holdings in Truist Financial were worth $983,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TFC. Capital International Investors lifted its holdings in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider's stock worth $1,210,348,000 after purchasing an additional 534,740 shares during the period. Northern Trust Corp lifted its holdings in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Truist Financial by 13.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after purchasing an additional 1,307,252 shares during the period. Finally, FMR LLC grew its position in Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TFC shares. TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Stock Performance

TFC stock traded up $0.92 during trading on Monday, hitting $45.17. The company had a trading volume of 1,272,519 shares, compared to its average volume of 8,333,719. The firm has a market cap of $59.15 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a 50-day moving average price of $41.67 and a 200-day moving average price of $42.04. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last issued 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the firm earned $0.91 EPS. The business's revenue was down 406.0% on a year-over-year basis. On average, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.61%. Truist Financial's dividend payout ratio (DPR) is presently 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.