Sheets Smith Wealth Management Reduces Stake in Truist Financial Co. (NYSE:TFC)

Sheets Smith Wealth Management cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 21.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,977 shares of the insurance provider’s stock after selling 4,777 shares during the period. Sheets Smith Wealth Management’s holdings in Truist Financial were worth $664,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Bleakley Financial Group LLC boosted its holdings in shares of Truist Financial by 6.1% during the 4th 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after buying an additional 117,524 shares during the last quarter. International Assets Investment Management LLC raised its stake in Truist Financial by 3,359.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after buying an additional 1,015,338 shares during the last quarter. Loudon Investment Management LLC boosted its holdings in Truist Financial by 18.5% in the third quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock worth $3,759,000 after acquiring an additional 20,490 shares in the last quarter. Finally, Pathstone Family Office LLC grew its stake in shares of Truist Financial by 84.8% in the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after acquiring an additional 44,659 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Truist Financial Price Performance

Shares of TFC traded up $0.52 during trading hours on Monday, reaching $39.37. 3,154,926 shares of the stock traded hands, compared to its average volume of 9,412,343. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 52-week low of $26.49 and a 52-week high of $39.42. The company’s 50-day moving average price is $37.16 and its two-hundred day moving average price is $35.22. The company has a market cap of $52.54 billion, a P/E ratio of -29.67, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $1.09 EPS. Truist Financial’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, analysts anticipate that Truist Financial Co. will post 3.3 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.28%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Ratings Changes

TFC has been the topic of several analyst reports. Jefferies Financial Group upped their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Piper Sandler raised their price target on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. UBS Group raised their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, HSBC raised their price target on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.88.

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.