Victory Capital Management Inc. Cuts Stock Position in Truist Financial Co. (NYSE:TFC)

Victory Capital Management Inc. trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 1.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 665,169 shares of the insurance provider’s stock after selling 7,005 shares during the period. Victory Capital Management Inc.’s holdings in Truist Financial were worth $24,558,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in Truist Financial in the 3rd quarter worth approximately $26,000. Operose Advisors LLC purchased a new position in shares of Truist Financial in the third quarter worth $31,000. Tyler Stone Wealth Management bought a new position in shares of Truist Financial during the third quarter worth $33,000. Morton Brown Family Wealth LLC grew its stake in Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 649 shares in the last quarter. Finally, Authentikos Wealth Advisory LLC bought a new stake in Truist Financial in the 3rd quarter valued at $36,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.7 %

NYSE TFC opened at $39.39 on Thursday. Truist Financial Co. has a 12-month low of $26.49 and a 12-month high of $40.35. The company has a fifty day simple moving average of $37.34 and a two-hundred day simple moving average of $35.39. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market cap of $52.57 billion, a P/E ratio of -29.84, a P/E/G ratio of 2.03 and a beta of 1.07.

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

Truist Financial Dividend Announcement

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

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated 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 transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Jefferies Financial Group increased their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Morgan Stanley restated an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a report on Monday, April 22nd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $42.06.

Truist Financial 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.