Raymond James Financial Services Advisors Inc. Sells 113,370 Shares of Truist Financial Co. (NYSE:TFC)

Raymond James Financial Services Advisors Inc. lessened its position in shares of Truist Financial Co. (NYSE:TFCFree Report) by 14.8% in the 4th quarter, HoldingsChannel reports. The fund owned 651,366 shares of the insurance provider’s stock after selling 113,370 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Truist Financial were worth $24,048,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TFC. EPG Wealth Management LLC grew its holdings in Truist Financial by 1.8% in the fourth quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock worth $526,000 after purchasing an additional 213 shares during the last quarter. Williams Jones Wealth Management LLC. grew its stake in Truist Financial by 5.8% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock worth $275,000 after buying an additional 268 shares during the last quarter. Financial Advocates Investment Management increased its position in Truist Financial by 3.5% during the 4th quarter. Financial Advocates Investment Management now owns 9,071 shares of the insurance provider’s stock valued at $390,000 after buying an additional 306 shares in the last quarter. Cape Investment Advisory Inc. raised its stake in Truist Financial by 7.4% in the third quarter. Cape Investment Advisory Inc. now owns 4,849 shares of the insurance provider’s stock valued at $139,000 after buying an additional 335 shares during the last quarter. Finally, Birmingham Capital Management Co. Inc. AL boosted its holdings in Truist Financial by 4.1% in the third quarter. Birmingham Capital Management Co. Inc. AL now owns 8,544 shares of the insurance provider’s stock worth $244,000 after acquiring an additional 335 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $38.59 on Thursday. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $38.61. The business has a fifty day moving average of $36.36 and a two-hundred day moving average of $33.39. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFCGet Free Report) last announced its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. As a group, sell-side analysts predict that Truist Financial Co. will post 3.39 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s payout ratio is presently -192.59%.

Analysts Set New Price Targets

TFC has been the topic of several recent analyst reports. Morgan Stanley upped their price objective on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Piper Sandler raised their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, January 19th. Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Thursday, January 4th. UBS Group lifted their price objective on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.47.

Read Our Latest Analysis on Truist Financial

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.

Truist Financial Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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