Moisand Fitzgerald Tamayo LLC Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Moisand Fitzgerald Tamayo LLC cut its stake in Truist Financial Co. (NYSE:TFC) by 6.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,990 shares of the insurance provider’s stock after selling 1,259 shares during the period. Moisand Fitzgerald Tamayo LLC’s holdings in Truist Financial were worth $701,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bleakley Financial Group LLC increased its holdings in Truist Financial by 6.1% in the fourth quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after buying an additional 1,731 shares during the last quarter. Natixis Advisors L.P. increased its holdings in shares of Truist Financial by 30.9% in the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock valued at $13,783,000 after purchasing an additional 88,035 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Truist Financial by 53.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock valued at $12,515,000 after purchasing an additional 117,524 shares during the period. Parnassus Investments LLC acquired a new position in Truist Financial during the fourth quarter worth $95,049,000. Finally, Rafferty Asset Management LLC increased its holdings in shares of Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock valued at $43,760,000 after purchasing an additional 382,976 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC traded up $1.01 during trading hours on Friday, reaching $38.85. The company’s stock had a trading volume of 9,600,184 shares, compared to its average volume of 7,012,324. 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 business has a 50-day simple moving average of $37.89 and a 200 day simple moving average of $37.13. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $40.51. The stock has a market cap of $51.99 billion, a PE ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 EPS. Equities research analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s payout ratio is currently -157.58%.

Analysts Set New Price Targets

A number of equities research analysts have commented on TFC shares. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 22nd. Citigroup upped their target price on shares of Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Piper Sandler raised their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.