Truist Financial Corporation (NYSE:TFC) Stock Holdings Reduced by Pettyjohn Wood & White Inc.

Key Points

• Pettyjohn Wood & White Inc. reduced its position in Truist Financial Corporation by 17.0% during the first quarter, now holding 67,332 shares worth approximately $2.77 million.
• A number of analysts have upgraded their ratings on Truist Financial, with Citigroup raising the stock's target price from $44.00 to $55.00 and switching from a "neutral" to a "buy" rating.
• Truist Financial announced a quarterly dividend of $0.52 per share, yielding 4.8%, with the payout ratio currently at 56.68%.

Pettyjohn Wood & White Inc. reduced its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,332 shares of the insurance provider's stock after selling 13,750 shares during the period. Pettyjohn Wood & White Inc.'s holdings in Truist Financial were worth $2,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Investments Inc. increased its holdings in Truist Financial by 33.0% in the first quarter. Harbour Investments Inc. now owns 5,265 shares of the insurance provider's stock worth $217,000 after buying an additional 1,305 shares during the last quarter. Sound View Wealth Advisors Group LLC lifted its stake in Truist Financial by 2.7% in the first quarter. Sound View Wealth Advisors Group LLC now owns 28,899 shares of the insurance provider's stock valued at $1,189,000 after acquiring an additional 773 shares during the last quarter. Lyell Wealth Management LP bought a new stake in Truist Financial in the first quarter worth approximately $294,000. Hoxton Planning & Management LLC bought a new stake in Truist Financial in the first quarter worth approximately $559,000. Finally, Davis R M Inc. increased its stake in shares of Truist Financial by 38.1% during the 1st quarter. Davis R M Inc. now owns 8,335 shares of the insurance provider's stock worth $343,000 after purchasing an additional 2,299 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Finally, Stephens lowered their price objective 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 equities research 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Trading Down 1.3%

Shares of Truist Financial stock opened at $43.70 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company's fifty day simple moving average is $42.42 and its 200-day simple moving average is $42.14. The company has a market cap of $57.23 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.65 and a beta of 0.85. 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 issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share 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 company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the company earned $0.91 earnings per share. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company'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 completion of the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

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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