Canal Capital Management LLC Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Canal Capital Management LLC reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 1.9% during the third quarter, HoldingsChannel reports. The firm owned 16,940 shares of the insurance provider’s stock after selling 332 shares during the quarter. Canal Capital Management LLC’s holdings in Truist Financial were worth $725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Capital Investment Counsel Inc raised its holdings in Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares in the last quarter. Burkett Financial Services LLC raised its stake in shares of Truist Financial by 26.8% in the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after buying an additional 253 shares in the last quarter. Verum Partners LLC lifted its holdings in shares of Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares during the period. CX Institutional boosted its stake in Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after buying an additional 263 shares in the last quarter. Finally, Coldstream Capital Management Inc. grew its holdings in Truist Financial by 1.5% during the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after acquiring an additional 274 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $43.42 on Friday. Truist Financial Co. has a one year low of $27.01 and a one year high of $45.31. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $58.15 billion, a price-to-earnings ratio of -30.36, a P/E/G ratio of 1.84 and a beta of 1.05. The stock’s fifty day moving average price is $42.76 and its two-hundred day moving average price is $40.41.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company’s revenue was down 15.9% on a year-over-year basis. During the same quarter last year, the company earned $0.95 EPS. On average, equities analysts forecast that Truist Financial Co. will post 3.58 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is presently -145.45%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Royal Bank of Canada lifted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. UBS Group lifted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Barclays increased their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Company 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.