Alpha Omega Wealth Management LLC Sells 51,393 Shares of Truist Financial Co. (NYSE:TFC)

Alpha Omega Wealth Management LLC lowered its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 174,911 shares of the insurance provider's stock after selling 51,393 shares during the period. Truist Financial comprises 1.1% of Alpha Omega Wealth Management LLC's holdings, making the stock its 19th largest position. Alpha Omega Wealth Management LLC's holdings in Truist Financial were worth $6,458,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. bought a new stake in shares of Truist Financial in the fourth quarter valued at $407,000. Desjardins Global Asset Management Inc. raised its stake in shares of Truist Financial by 14.3% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 6,883 shares of the insurance provider's stock valued at $254,000 after buying an additional 859 shares during the period. Wealth Alliance raised its stake in shares of Truist Financial by 1.8% in the fourth quarter. Wealth Alliance now owns 36,097 shares of the insurance provider's stock valued at $1,333,000 after buying an additional 637 shares during the period. Octavia Wealth Advisors LLC raised its stake in shares of Truist Financial by 77.5% in the fourth quarter. Octavia Wealth Advisors LLC now owns 14,691 shares of the insurance provider's stock valued at $542,000 after buying an additional 6,415 shares during the period. Finally, Imprint Wealth LLC raised its stake in shares of Truist Financial by 0.4% in the fourth quarter. Imprint Wealth LLC now owns 85,968 shares of the insurance provider's stock valued at $3,174,000 after buying an additional 380 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on TFC shares. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, April 5th. Jefferies Financial Group boosted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a "hold" rating in a research note on Monday, April 8th. StockNews.com lowered Truist Financial from a "hold" rating to a "sell" rating in a research note on Thursday, March 28th. Stephens upgraded Truist Financial from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $41.00 to $43.00 in a research note on Tuesday, March 19th. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $40.00 to $42.00 and gave the company an "outperform" rating in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Truist Financial currently has a consensus rating of "Hold" and an average price target of $41.47.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.17% of the company's stock.

Truist Financial Price Performance

Shares of TFC traded up $0.02 during midday trading on Wednesday, reaching $35.66. The stock had a trading volume of 9,209,534 shares, compared to its average volume of 9,724,164. The company's 50-day moving average is $36.62 and its 200 day moving average is $34.36. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $47.59 billion, a price-to-earnings ratio of -33.02, a price-to-earnings-growth ratio of 2.26 and a beta of 1.08.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The firm had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.70 billion. During the same period in the prior year, the business earned $1.30 EPS. On average, equities analysts predict that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.83%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial's payout ratio is currently -192.59%.

Truist Financial 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.