Verum Partners LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Verum Partners LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 9.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,301 shares of the insurance provider’s stock after selling 1,047 shares during the quarter. Verum Partners LLC’s holdings in Truist Financial were worth $380,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after acquiring an additional 365,871 shares during the period. State Street Corp increased its holdings in shares of Truist Financial by 1.8% in the second quarter. State Street Corp now owns 59,824,259 shares of the insurance provider’s stock valued at $1,815,666,000 after purchasing an additional 1,056,703 shares during the period. Geode Capital Management LLC raised its stake in shares of Truist Financial by 1.4% during the first quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock worth $814,557,000 after purchasing an additional 332,642 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in shares of Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after purchasing an additional 20,321,500 shares during the period. Finally, Morgan Stanley increased its stake in Truist Financial by 32.6% in the 4th quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after buying an additional 3,813,439 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TFC shares. Raymond James raised their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th. Stephens raised Truist Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Finally, Piper Sandler increased their price objective on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $39.47.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC traded up $0.99 during trading hours on Wednesday, reaching $38.59. 6,251,570 shares of the company traded hands, compared to its average volume of 9,915,688. The stock has a market capitalization of $51.50 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.58 and a beta of 1.07. The stock has a fifty day simple moving average of $36.36 and a 200 day simple moving average of $33.39. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $38.61. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.13. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same period last year, the company earned $1.30 EPS. As a group, research analysts predict that Truist Financial Co. will post 3.39 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is presently -192.59%.

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.