Duncan Williams Asset Management LLC Trims Position in Truist Financial Co. (NYSE:TFC)

Duncan Williams Asset Management LLC reduced its holdings in Truist Financial Co. (NYSE:TFC) by 8.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,353 shares of the insurance provider’s stock after selling 1,197 shares during the period. Duncan Williams Asset Management LLC’s holdings in Truist Financial were worth $579,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TFC. AXA S.A. boosted its holdings in Truist Financial by 24.3% in the second quarter. AXA S.A. now owns 112,178 shares of the insurance provider’s stock valued at $4,358,000 after purchasing an additional 21,907 shares during the last quarter. AQR Capital Management LLC grew its holdings in Truist Financial by 16.7% during the second quarter. AQR Capital Management LLC now owns 878,298 shares of the insurance provider’s stock worth $33,560,000 after acquiring an additional 125,385 shares during the period. MBB Public Markets I LLC purchased a new position in Truist Financial during the second quarter valued at approximately $3,736,000. Mackenzie Financial Corp lifted its holdings in Truist Financial by 52.2% in the second quarter. Mackenzie Financial Corp now owns 299,914 shares of the insurance provider’s stock valued at $11,652,000 after acquiring an additional 102,823 shares during the period. Finally, Legal & General Group Plc boosted its position in Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after purchasing an additional 103,565 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stephens lifted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Royal Bank of Canada raised their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Piper Sandler lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven equities 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Insider Buying and Selling at Truist Financial

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

Truist Financial Price Performance

Truist Financial stock opened at $46.96 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $62.34 billion, a P/E ratio of 14.10, a PEG ratio of 1.67 and a beta of 1.08. The company has a 50-day moving average price of $45.48 and a 200 day moving average price of $43.83. Truist Financial Co. has a 12-month low of $34.23 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5,047,370 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. Sell-side analysts anticipate that Truist Financial Co. will post 3.95 earnings per share for the current year.

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.