Birmingham Capital Management Co. Inc. AL Has $336,000 Stock Holdings in Truist Financial Co. (NYSE:TFC)

Birmingham Capital Management Co. Inc. AL lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 9.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,856 shares of the insurance provider’s stock after selling 809 shares during the quarter. Birmingham Capital Management Co. Inc. AL’s holdings in Truist Financial were worth $336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cadence Bank raised its position in Truist Financial by 101.6% during the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after acquiring an additional 93,322 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC raised its stake in Truist Financial by 66.4% in the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after buying an additional 61,683 shares during the period. Independent Advisor Alliance boosted its stake in shares of Truist Financial by 10.7% during the 3rd quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock worth $12,087,000 after acquiring an additional 27,408 shares during the period. Finally, Concord Asset Management LLC VA increased its holdings in shares of Truist Financial by 523.4% during the 3rd quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock worth $2,809,000 after acquiring an additional 55,149 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.2 %

Shares of Truist Financial stock traded down $0.10 during trading hours on Friday, reaching $45.62. The company’s stock had a trading volume of 1,527,827 shares, compared to its average volume of 8,238,062. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06. The company has a market capitalization of $60.56 billion, a P/E ratio of -31.98, a P/E/G ratio of 1.87 and a beta of 1.06. The stock’s fifty day simple moving average is $45.04 and its two-hundred day simple moving average is $42.26.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.56%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Stephens reissued an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. UBS Group lifted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Piper Sandler increased their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada lifted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $48.12.

About Truist Financial

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.