Patton Albertson Miller Group LLC Sells 2,354 Shares of Truist Financial Co. (NYSE:TFC)

Patton Albertson Miller Group LLC reduced its holdings in Truist Financial Co. (NYSE:TFC) by 7.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 27,668 shares of the insurance provider’s stock after selling 2,354 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Truist Financial were worth $1,022,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Loudon Investment Management LLC raised its stake in Truist Financial by 3.6% in the fourth quarter. Loudon Investment Management LLC now owns 136,193 shares of the insurance provider’s stock worth $5,028,000 after buying an additional 4,795 shares in the last quarter. Hills Bank & Trust Co raised its position in shares of Truist Financial by 0.8% in the 4th quarter. Hills Bank & Trust Co now owns 42,310 shares of the insurance provider’s stock worth $1,562,000 after acquiring an additional 344 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at approximately $307,000. National Pension Service lifted its stake in shares of Truist Financial by 2.7% in the 4th quarter. National Pension Service now owns 2,889,287 shares of the insurance provider’s stock valued at $106,672,000 after purchasing an additional 75,922 shares during the period. Finally, RMR Wealth Builders boosted its position in shares of Truist Financial by 1.9% during the fourth quarter. RMR Wealth Builders now owns 19,197 shares of the insurance provider’s stock valued at $709,000 after purchasing an additional 356 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TFC. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Jefferies Financial Group lifted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Stephens reissued an “overweight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Tuesday, April 23rd. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their price objective on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $42.70.

Truist Financial Stock Performance

TFC traded up $0.23 during midday trading on Thursday, hitting $39.10. 6,524,385 shares of the company traded hands, compared to its average volume of 9,391,715. The company’s 50-day moving average is $37.43 and its 200 day moving average is $35.42. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $52.18 billion, a PE ratio of -29.62, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. Truist Financial Co. has a 52 week low of $26.49 and a 52 week high of $40.35.

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

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.32%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

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.