First Citizens Bank & Trust Co. Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

First Citizens Bank & Trust Co. trimmed its position in Truist Financial Co. (NYSE:TFC) by 4.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 111,997 shares of the insurance provider’s stock after selling 5,025 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Truist Financial were worth $4,790,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aaron Wealth Advisors LLC lifted its stake in Truist Financial by 29.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 7,485 shares of the insurance provider’s stock valued at $320,000 after acquiring an additional 1,698 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Truist Financial by 0.5% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 181,599 shares of the insurance provider’s stock worth $7,767,000 after purchasing an additional 930 shares during the period. Cardinal Capital Management raised its stake in shares of Truist Financial by 0.8% during the 3rd quarter. Cardinal Capital Management now owns 195,327 shares of the insurance provider’s stock valued at $8,354,000 after buying an additional 1,458 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Truist Financial by 5.8% in the third quarter. Bleakley Financial Group LLC now owns 36,746 shares of the insurance provider’s stock worth $1,572,000 after buying an additional 2,019 shares during the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Truist Financial by 3.0% during the third quarter. Global Retirement Partners LLC now owns 55,599 shares of the insurance provider’s stock worth $2,378,000 after acquiring an additional 1,638 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 1.7 %

TFC stock opened at $43.67 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average of $42.67 and a two-hundred day moving average of $40.29. The company has a market cap of $58.43 billion, a price-to-earnings ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05. Truist Financial Co. has a 12 month low of $26.95 and a 12 month high of $45.31.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the business earned $0.95 EPS. The firm’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.76%. Truist Financial’s payout ratio is -157.58%.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price target for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. Compass Point raised their target price on Truist Financial from $46.00 to $47.00 in a research report on Wednesday. Finally, Bank of America lifted their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.02.

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.