Procyon Advisors LLC Has $706,000 Stock Position in Truist Financial Co. (NYSE:TFC)

Procyon Advisors LLC lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,269 shares of the insurance provider’s stock after selling 553 shares during the quarter. Procyon Advisors LLC’s holdings in Truist Financial were worth $706,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Bangor Savings Bank raised its position in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new position in Truist Financial in the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial in the third quarter valued at approximately $32,000. Fortitude Family Office LLC increased its position in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Truist Financial during the third quarter worth $45,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

NYSE TFC opened at $47.63 on Friday. Truist Financial Co. has a 52-week low of $34.23 and a 52-week high of $49.06. The stock has a market cap of $63.23 billion, a PE ratio of -33.31, a P/E/G ratio of 1.67 and a beta of 1.08. The firm has a 50-day moving average of $45.40 and a 200-day moving average of $43.54. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5,047,370 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 earnings per share. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.61 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on TFC shares. Keefe, Bruyette & Woods increased their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Finally, Piper Sandler raised their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.95.

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.