Meridian Financial Partners LLC Sells 671 Shares of Truist Financial Co. (NYSE:TFC)

Meridian Financial Partners LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,972 shares of the insurance provider’s stock after selling 671 shares during the quarter. Meridian Financial Partners LLC’s holdings in Truist Financial were worth $248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TFC. Operose Advisors LLC acquired a new stake in Truist Financial during the 3rd quarter worth about $31,000. O Shaughnessy Asset Management LLC lifted its position in Truist Financial by 21.1% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 35,464 shares of the insurance provider’s stock worth $1,015,000 after acquiring an additional 6,181 shares during the period. Treasurer of the State of North Carolina lifted its position in Truist Financial by 0.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 599,785 shares of the insurance provider’s stock worth $17,160,000 after acquiring an additional 2,180 shares during the period. Qube Research & Technologies Ltd lifted its position in Truist Financial by 37.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,700,400 shares of the insurance provider’s stock worth $77,258,000 after acquiring an additional 740,722 shares during the period. Finally, Staley Capital Advisers Inc. lifted its position in Truist Financial by 16.3% during the 3rd quarter. Staley Capital Advisers Inc. now owns 21,509 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 3,009 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock traded up $1.01 during trading on Friday, hitting $38.85. The stock had a trading volume of 9,600,184 shares, compared to its average volume of 7,012,324. 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 Co. has a twelve month low of $26.57 and a twelve month high of $40.51. The stock has a market capitalization of $51.99 billion, a P/E ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.06. The company’s 50-day moving average price is $37.89 and its two-hundred day moving average price is $37.15.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm posted $1.09 EPS. Truist Financial’s revenue was down 8.8% compared to the same quarter last year. As a group, research analysts predict that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Analyst Ratings Changes

A number of analysts have commented on TFC shares. Barclays started coverage on Truist Financial in a research report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target for the company. Citigroup lifted their price objective on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. UBS Group lifted their price objective on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Piper Sandler lifted their price objective on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Finally, Stephens lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.17.

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.