Atria Wealth Solutions Inc. Reduces Holdings in Truist Financial Corporation (NYSE:TFC)

Atria Wealth Solutions Inc. reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 44.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,922 shares of the insurance provider's stock after selling 23,528 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Truist Financial were worth $1,231,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TFC. Capital International Investors boosted its holdings in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after acquiring an additional 6,012,817 shares during the last quarter. Northern Trust Corp boosted its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after acquiring an additional 2,452,239 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares during the last quarter. Finally, Azora Capital LP purchased a new position in Truist Financial in the fourth quarter valued at about $90,247,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TFC has been the topic of a number of research analyst reports. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. 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. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Barclays lowered 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, Stephens lowered their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Price Performance

Shares of NYSE:TFC traded down $0.35 during trading on Friday, reaching $44.61. The company had a trading volume of 1,117,749 shares, compared to its average volume of 8,534,795. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The stock has a market capitalization of $57.52 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 1.67 and a beta of 0.87. The company has a fifty day moving average of $43.24 and a two-hundred day moving average of $41.93. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the company posted $0.91 EPS. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. Truist Financial's dividend payout ratio is 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company's stock.

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.