Tandem Investment Advisors Inc. Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Tandem Investment Advisors Inc. lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 19.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,923 shares of the insurance provider’s stock after selling 2,948 shares during the period. Tandem Investment Advisors Inc.’s holdings in Truist Financial were worth $440,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in TFC. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial during the first quarter valued at approximately $25,000. United Bank raised its stake in shares of Truist Financial by 4.1% during the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock valued at $4,222,000 after purchasing an additional 2,938 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Truist Financial by 33.3% during the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock valued at $1,495,000 after purchasing an additional 6,593 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Truist Financial by 3.3% during the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after purchasing an additional 738 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of Truist Financial by 8.1% during the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after purchasing an additional 4,234 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC stock traded up $0.02 during mid-day trading on Wednesday, reaching $35.66. The company had a trading volume of 9,209,534 shares, compared to its average volume of 9,724,164. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $47.59 billion, a P/E ratio of -33.00, a P/E/G ratio of 2.26 and a beta of 1.08. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The stock’s 50-day simple moving average is $36.62 and its two-hundred day simple moving average is $34.36.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 9.64% and a negative net margin of 3.28%. During the same period last year, the business posted $1.30 earnings per share. Research analysts anticipate that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors 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 5.83%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TFC. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Barclays raised their price target on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Piper Sandler raised their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock 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 stock a “buy” rating in a research report on Friday, April 5th. Finally, Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.47.

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.