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

Prelude Capital Management LLC lowered its holdings in shares of Truist Financial Co. (NYSE:TFC) by 20.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,256 shares of the insurance provider’s stock after selling 2,827 shares during the quarter. Prelude Capital Management LLC’s holdings in Truist Financial were worth $384,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Caprock Group LLC boosted its position in Truist Financial by 49.4% during the first quarter. Caprock Group LLC now owns 21,522 shares of the insurance provider’s stock worth $734,000 after purchasing an additional 7,118 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Truist Financial by 4.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 245,646 shares of the insurance provider’s stock valued at $10,570,000 after acquiring an additional 9,393 shares in the last quarter. Financial Management Professionals Inc. lifted its position in shares of Truist Financial by 874.9% in the first quarter. Financial Management Professionals Inc. now owns 5,118 shares of the insurance provider’s stock valued at $175,000 after acquiring an additional 4,593 shares in the last quarter. 1834 Investment Advisors Co. lifted its position in shares of Truist Financial by 122.1% in the first quarter. 1834 Investment Advisors Co. now owns 138,195 shares of the insurance provider’s stock valued at $4,712,000 after acquiring an additional 75,984 shares in the last quarter. Finally, Vise Technologies Inc. lifted its position in shares of Truist Financial by 31.1% in the fourth quarter. Vise Technologies Inc. now owns 8,249 shares of the insurance provider’s stock valued at $355,000 after acquiring an additional 1,959 shares in the last quarter. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Truist Financial Trading Down 1.4 %

NYSE:TFC opened at $29.00 on Monday. The company has a market capitalization of $38.63 billion, a PE ratio of 6.71, a price-to-earnings-growth ratio of 1.74 and a beta of 1.05. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $53.34. The stock has a fifty day simple moving average of $31.19 and a 200-day simple moving average of $31.93. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.08). Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.97 billion. During the same period last year, the company earned $1.20 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities research analysts expect that Truist Financial Co. will post 3.78 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 11th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 7.17%. The ex-dividend date was Thursday, August 10th. Truist Financial’s payout ratio is 48.15%.

Wall Street Analyst Weigh In

Several research firms recently commented on TFC. Wells Fargo & Company cut their price target on Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Raymond James raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Thursday, July 6th. They noted that the move was a valuation call. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Morgan Stanley dropped their price objective on Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, July 21st. Finally, Odeon Capital Group cut Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price objective for the company. in a research note on Friday, June 16th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus target price of $39.83.

About Truist Financial

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.