Canal Capital Management LLC Sells 332 Shares of Truist Financial Co. (NYSE:TFC)

Canal Capital Management LLC trimmed its position in Truist Financial Co. (NYSE:TFC) by 1.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,940 shares of the insurance provider’s stock after selling 332 shares during the period. Canal Capital Management LLC’s holdings in Truist Financial were worth $725,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in TFC. Crewe Advisors LLC acquired a new stake in shares of Truist Financial during the first quarter worth $27,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial during the second quarter valued at $31,000. Hobbs Group Advisors LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at about $38,000. Finally, Beacon Capital Management LLC grew its holdings in Truist Financial by 57.4% in the first quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock valued at $40,000 after purchasing an additional 370 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.0 %

Shares of NYSE:TFC opened at $43.42 on Friday. The stock has a 50-day simple moving average of $42.76 and a 200-day simple moving average of $40.41. The stock has a market capitalization of $58.15 billion, a P/E ratio of -30.36, a PEG ratio of 1.84 and a beta of 1.05. Truist Financial Co. has a 1 year low of $27.01 and a 1 year high of $45.31. 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 (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Equities analysts forecast that Truist Financial Co. will post 3.58 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.79%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TFC shares. Stephens reiterated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, UBS Group boosted their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $46.02.

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.