Truist Financial Co. (NYSE:TFC) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. lessened its position in Truist Financial Co. (NYSE:TFC) by 12.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 116,332 shares of the insurance provider’s stock after selling 15,875 shares during the quarter. Griffin Asset Management Inc.’s holdings in Truist Financial were worth $4,535,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Valmark Advisers Inc. boosted its holdings in Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after purchasing an additional 277 shares in the last quarter. St. Johns Investment Management Company LLC grew its holdings in Truist Financial by 0.9% during the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after acquiring an additional 296 shares during the period. Mechanics Financial Corp raised its position in Truist Financial by 7.4% in the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 300 shares in the last quarter. Day & Ennis LLC lifted its holdings in Truist Financial by 4.3% in the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock valued at $278,000 after acquiring an additional 311 shares during the period. Finally, Carson Advisory Inc. lifted its holdings in Truist Financial by 1.5% in the fourth quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock valued at $810,000 after acquiring an additional 315 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TFC. Wells Fargo & Company raised their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Wednesday. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. UBS Group lifted their price objective on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, JPMorgan Chase & Co. boosted their target price on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Trading Up 2.7 %

Shares of TFC traded up $1.01 on Friday, hitting $38.85. 9,600,184 shares of the stock traded hands, compared to its average volume of 7,012,324. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The stock’s 50 day moving average is $37.89 and its two-hundred day moving average is $37.13. The firm has a market capitalization of $51.99 billion, a P/E ratio of -29.43, a P/E/G ratio of 1.99 and a beta of 1.06. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results 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. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.09 EPS. As a group, sell-side analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

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.