Truist Financial Co. (NYSE:TFC) Position Lessened by Evermay Wealth Management LLC

Evermay Wealth Management LLC lowered its position in Truist Financial Co. (NYSE:TFC) by 17.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,447 shares of the insurance provider’s stock after selling 1,329 shares during the quarter. Evermay Wealth Management LLC’s holdings in Truist Financial were worth $238,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Truist Financial during the fourth quarter valued at approximately $307,787,000. North Reef Capital Management LP bought a new position in shares of Truist Financial during the 3rd quarter valued at $66,804,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Truist Financial by 9,218.0% in the fourth quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock worth $44,496,000 after purchasing an additional 1,192,257 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Truist Financial by 3,359.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after buying an additional 1,015,338 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.16 during mid-day trading on Monday, reaching $38.40. The stock had a trading volume of 3,150,000 shares, compared to its average volume of 8,973,424. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.51. The firm has a market cap of $51.38 billion, a PE ratio of -29.09, a P/E/G ratio of 1.92 and a beta of 1.07. The firm’s 50 day simple moving average is $38.15 and its 200 day simple moving average is $36.34. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company earned $1.09 earnings per share. The business’s revenue was down 8.8% compared to the same quarter last year. On average, analysts forecast that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.42%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Stephens increased their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Evercore ISI restated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research note on Thursday, May 9th. Citigroup raised their target price on shares of Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.17.

About Truist Financial

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.