Truist Financial Corporation (NYSE:TFC) Shares Sold by Moors & Cabot Inc.

Key Points

• Moors & Cabot Inc. has reduced its stake in Truist Financial by 9.6%, now holding 60,231 shares valued at approximately $2.48 million.
• Analysts express mixed sentiments about the stock, with Barclays and Piper Sandler lowering their target prices, while Raymond James upgraded the stock to "outperform" with a target price of $50.
• Truist Financial announced a quarterly dividend of $0.52, yielding 4.8% annually, with a dividend payout ratio of 56.68%.

Moors & Cabot Inc. cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 9.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,231 shares of the insurance provider's stock after selling 6,402 shares during the period. Moors & Cabot Inc.'s holdings in Truist Financial were worth $2,479,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TFC. Comerica Bank grew its holdings in Truist Financial by 3.6% during the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after acquiring an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in Truist Financial by 81.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after acquiring an additional 498,531 shares during the period. Code Waechter LLC acquired a new stake in Truist Financial during the first quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after acquiring an additional 19,286 shares during the period. Finally, Stifel Financial Corp grew its holdings in Truist Financial by 2.8% during the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock worth $97,291,000 after acquiring an additional 60,848 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Barclays dropped their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Piper Sandler dropped their target price on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Argus set a $43.00 target price on Truist Financial in a report on Monday, April 21st. Finally, TD Cowen started coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Stock Performance

NYSE TFC opened at $42.96 on Friday. The company has a market cap of $56.26 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.63 and a beta of 0.87. The stock's 50 day simple moving average is $42.50 and its 200-day simple moving average is $42.13. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's revenue was down 406.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is 56.68%.

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.

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