Valley National Advisers Inc. Reduces Stock Position in Truist Financial Corporation $TFC

Valley National Advisers Inc. cut its position in Truist Financial Corporation (NYSE:TFC) by 9.7% during the second quarter, Holdings Channel reports. The firm owned 8,633 shares of the insurance provider’s stock after selling 925 shares during the period. Valley National Advisers Inc.’s holdings in Truist Financial were worth $371,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. First Hawaiian Bank increased its holdings in Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after buying an additional 948 shares during the period. Code Waechter LLC purchased a new stake in shares of Truist Financial in the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock worth $17,927,000 after acquiring an additional 19,286 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Truist Financial by 55.1% in the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock worth $5,530,000 after acquiring an additional 47,717 shares during the period. Finally, Credit Agricole S A raised its holdings in shares of Truist Financial by 76.4% during the first quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock worth $20,591,000 after purchasing an additional 216,672 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.39 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The business’s 50 day moving average is $45.15 and its two-hundred day moving average is $42.11. The company has a market capitalization of $58.53 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.46 and a beta of 0.88.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was down 406.0% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. Truist Financial’s dividend payout ratio is currently 56.68%.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on TFC. Morgan Stanley increased their price target on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Evercore ISI upped their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Saturday, September 27th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Finally, Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

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.