Foyston Gordon & Payne Inc Sells 75,572 Shares of Truist Financial Co. (NYSE:TFC)

Foyston Gordon & Payne Inc cut its position in shares of Truist Financial Co. (NYSE:TFC) by 40.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,030 shares of the insurance provider’s stock after selling 75,572 shares during the period. Foyston Gordon & Payne Inc’s holdings in Truist Financial were worth $4,749,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vestcor Inc boosted its position in Truist Financial by 9.5% during the third quarter. Vestcor Inc now owns 25,992 shares of the insurance provider’s stock worth $1,112,000 after purchasing an additional 2,265 shares during the period. Continuum Advisory LLC lifted its stake in shares of Truist Financial by 8.2% during the 3rd quarter. Continuum Advisory LLC now owns 8,104 shares of the insurance provider’s stock worth $375,000 after buying an additional 617 shares during the last quarter. LRI Investments LLC boosted its holdings in shares of Truist Financial by 79.8% during the 3rd quarter. LRI Investments LLC now owns 5,006 shares of the insurance provider’s stock worth $232,000 after buying an additional 2,222 shares during the period. Drucker Wealth 3.0 LLC grew its stake in Truist Financial by 1.7% in the 3rd quarter. Drucker Wealth 3.0 LLC now owns 73,320 shares of the insurance provider’s stock valued at $3,136,000 after buying an additional 1,208 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in Truist Financial by 5.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 418,716 shares of the insurance provider’s stock valued at $17,908,000 after buying an additional 20,859 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TFC. UBS Group boosted their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler boosted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada boosted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $47.67.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Down 1.0 %

Shares of NYSE TFC opened at $46.81 on Tuesday. The company has a 50 day simple moving average of $44.78 and a 200 day simple moving average of $42.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 1 year low of $33.87 and a 1 year high of $49.06. The firm has a market cap of $62.13 billion, a PE ratio of -32.73, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, research analysts forecast that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.