Truist Financial Corp Has $1.95 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Truist Financial Corp decreased its stake in shares of Reliance, Inc. (NYSE:RS) by 16.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,966 shares of the industrial products company’s stock after selling 1,329 shares during the period. Truist Financial Corp’s holdings in Reliance were worth $1,948,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its stake in shares of Reliance by 8.4% during the fourth quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 37 shares during the last quarter. Paulson Wealth Management Inc. lifted its holdings in Reliance by 3.3% during the 3rd quarter. Paulson Wealth Management Inc. now owns 1,361 shares of the industrial products company’s stock worth $357,000 after buying an additional 44 shares in the last quarter. Arizona State Retirement System boosted its position in Reliance by 0.3% in the 4th quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock valued at $4,501,000 after buying an additional 54 shares during the last quarter. Robertson Stephens Wealth Management LLC increased its stake in shares of Reliance by 0.3% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 17,250 shares of the industrial products company’s stock valued at $4,523,000 after buying an additional 59 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Reliance by 0.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock worth $3,639,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Up 0.9 %

Shares of NYSE:RS opened at $295.51 on Friday. The company has a 50 day moving average price of $318.69 and a two-hundred day moving average price of $293.75. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The company has a market capitalization of $16.97 billion, a PE ratio of 13.80, a PEG ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.37 EPS. Analysts forecast that Reliance, Inc. will post 19.6 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be given a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.49%. Reliance’s dividend payout ratio is presently 20.55%.

Insider Buying and Selling

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $292.77, for a total value of $1,463,850.00. Following the transaction, the director now owns 39,042 shares of the company’s stock, valued at $11,430,326.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $292.77, for a total value of $1,463,850.00. Following the completion of the sale, the director now owns 39,042 shares in the company, valued at approximately $11,430,326.34. The disclosure for this sale can be found here. In the last three months, insiders sold 100,996 shares of company stock valued at $31,966,978. 0.69% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RS has been the subject of a number of research reports. KeyCorp lifted their price objective on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Finally, StockNews.com raised shares of Reliance from a “hold” rating to a “buy” rating in a report on Tuesday.

Reliance Company Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.