HNP Capital LLC Sells 628 Shares of Truist Financial Co. (NYSE:TFC)

HNP Capital LLC cut its stake in Truist Financial Co. (NYSE:TFC) by 4.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,311 shares of the insurance provider’s stock after selling 628 shares during the period. HNP Capital LLC’s holdings in Truist Financial were worth $420,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Truist Financial by 8.3% in the first quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock worth $3,411,442,000 after purchasing an additional 7,651,641 shares during the last quarter. Geode Capital Management LLC grew its holdings in Truist Financial by 1.4% during the 1st quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock worth $814,557,000 after acquiring an additional 332,642 shares in the last quarter. FMR LLC grew its holdings in Truist Financial by 55.2% during the 1st quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock worth $731,827,000 after acquiring an additional 7,635,573 shares in the last quarter. Moneta Group Investment Advisors LLC grew its holdings in Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Finally, Dodge & Cox grew its holdings in Truist Financial by 8.6% during the 1st quarter. Dodge & Cox now owns 20,410,797 shares of the insurance provider’s stock worth $696,008,000 after acquiring an additional 1,614,219 shares in the last quarter. 71.11% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $28.62 on Thursday. The firm has a market capitalization of $38.12 billion, a P/E ratio of 6.63, a PEG ratio of 1.73 and a beta of 1.05. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average price of $31.27 and a 200 day moving average price of $32.28. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $53.34.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. Sell-side analysts expect that Truist Financial Co. will post 3.79 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date was Thursday, August 10th. Truist Financial’s dividend payout ratio is presently 48.15%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. Jefferies Financial Group cut shares of Truist Financial from a “buy” rating to a “hold” rating and dropped their target price for the stock from $37.00 to $32.00 in a report on Tuesday, July 11th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Piper Sandler increased their price target on shares of Truist Financial from $35.00 to $36.00 in a research report on Friday, July 21st. Wells Fargo & Company decreased their price target on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 21st. Finally, Odeon Capital Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price target for the company. in a research report on Friday, June 16th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.04.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.