Cary Street Partners Investment Advisory LLC Cuts Stake in Truist Financial Co. (NYSE:TFC)

Cary Street Partners Investment Advisory LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 90.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,784 shares of the insurance provider’s stock after selling 72,111 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Truist Financial were worth $287,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TFC. Morton Brown Family Wealth LLC increased its position in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Truist Financial in the 3rd quarter worth about $26,000. Criterion Capital Advisors LLC purchased a new stake in shares of Truist Financial during the 4th quarter valued at about $38,000. Operose Advisors LLC purchased a new position in Truist Financial in the third quarter worth about $31,000. Finally, Tyler Stone Wealth Management bought a new stake in Truist Financial during the third quarter worth approximately $33,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE:TFC opened at $38.05 on Thursday. The company has a 50 day moving average price of $37.03 and a 200-day moving average price of $35.05. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $39.29. The firm has a market cap of $50.78 billion, a price-to-earnings ratio of -28.83, a price-to-earnings-growth ratio of 1.97 and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the firm posted $1.09 earnings per share. The company’s revenue was down 8.8% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Co. will post 3.28 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. UBS Group increased their price target on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research note on Monday, April 22nd. Citigroup upped their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Royal Bank of Canada increased their price objective on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.88.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

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.