Truist Financial Corporation $TFC Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 711,099 shares of the insurance provider’s stock after selling 11,662 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.06% of Truist Financial worth $34,993,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial during the 3rd quarter worth $28,000. Maseco LLP grew its stake in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC grew its stake in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the period. Ancora Advisors LLC boosted its position in shares of Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Finally, Quest 10 Wealth Builders Inc. boosted its position in shares of Truist Financial by 2,178.4% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock worth $42,000 after buying an additional 806 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Argus boosted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Piper Sandler boosted their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Finally, Royal Bank Of Canada boosted their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Price Performance

Truist Financial stock opened at $50.98 on Friday. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19. The stock has a market capitalization of $63.26 billion, a P/E ratio of 12.65, a P/E/G ratio of 0.88 and a beta of 0.92. The firm’s 50-day moving average is $48.10 and its two-hundred day moving average is $48.24. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities analysts predict that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.