Van ECK Associates Corp Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Van ECK Associates Corp reduced its stake in Truist Financial Co. (NYSE:TFC) by 62.1% during the 4th quarter, HoldingsChannel reports. The firm owned 97,035 shares of the insurance provider’s stock after selling 158,822 shares during the period. Van ECK Associates Corp’s holdings in Truist Financial were worth $3,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. OFI Invest Asset Management purchased a new position in shares of Truist Financial during the 3rd quarter worth approximately $26,000. Operose Advisors LLC purchased a new position in Truist Financial in the third quarter worth $31,000. Tyler Stone Wealth Management acquired a new stake in Truist Financial in the third quarter valued at $33,000. Morton Brown Family Wealth LLC grew its stake in shares of Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the period. Finally, Authentikos Wealth Advisory LLC purchased a new position in shares of Truist Financial in the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 1.5 %

Shares of Truist Financial stock opened at $39.43 on Tuesday. Truist Financial Co. has a fifty-two week low of $26.49 and a fifty-two week high of $39.50. The business’s fifty day moving average is $37.25 and its two-hundred day moving average is $35.30. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share. On average, research analysts predict that Truist Financial Co. will post 3.3 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.28%. Truist Financial’s payout ratio is -157.58%.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were 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 directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their target price on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Stephens reaffirmed an “overweight” rating and issued a $43.00 price objective on shares of Truist Financial in a research note on Tuesday, April 23rd. TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. HSBC raised their price target on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.88.

About Truist Financial

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.