Wealth Alliance Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Wealth Alliance trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 2.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,713 shares of the insurance provider’s stock after selling 849 shares during the quarter. Wealth Alliance’s holdings in Truist Financial were worth $1,593,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bangor Savings Bank boosted its holdings in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at about $32,000. Fortitude Family Office LLC raised its position in Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Truist Financial in the 3rd quarter valued at about $45,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Compass Point raised their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Finally, Barclays raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Transactions at Truist Financial

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

Truist Financial Stock Performance

Shares of TFC stock opened at $47.59 on Thursday. Truist Financial Co. has a 1 year low of $34.26 and a 1 year high of $49.06. The stock has a market cap of $63.17 billion, a PE ratio of 14.29, a P/E/G ratio of 1.67 and a beta of 1.08. The stock has a fifty day moving average price of $45.59 and a 200 day moving average price of $44.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.37%. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

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.