Truist Financial Co. (NYSE:TFC) Shares Sold by Novare Capital Management LLC

Novare Capital Management LLC decreased its holdings in Truist Financial Co. (NYSE:TFC) by 76.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 70,810 shares of the insurance provider’s stock after selling 228,494 shares during the quarter. Novare Capital Management LLC’s holdings in Truist Financial were worth $3,072,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bangor Savings Bank raised its stake in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Valley Wealth Managers Inc. purchased a new stake in Truist Financial in the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial during the third quarter worth $32,000. Fortitude Family Office LLC lifted its holdings in Truist Financial by 376.7% during the third 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 shares of Truist Financial in the third quarter valued at about $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on TFC shares. Royal Bank of Canada increased their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Stephens increased their price objective on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company lifted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Finally, Raymond James raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was bought at an average price 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 directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Trading Up 0.4 %

NYSE TFC opened at $46.96 on Friday. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. The firm has a 50 day moving average of $45.48 and a two-hundred day moving average of $43.83. The stock has a market capitalization of $62.34 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.67 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5,047,370 billion. During the same period last year, the firm earned $0.81 earnings per share. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, research analysts expect that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

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.