Burkett Financial Services LLC Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Burkett Financial Services LLC lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 93.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 932 shares of the insurance provider’s stock after selling 14,115 shares during the period. Burkett Financial Services LLC’s holdings in Truist Financial were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TFC. HighPoint Advisor Group LLC purchased a new stake in shares of Truist Financial in the 4th quarter valued at approximately $865,000. Grayhawk Investment Strategies Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth $317,000. BlueChip Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at $3,879,000. Hennessy Advisors Inc. raised its holdings in shares of Truist Financial by 40.0% in the 4th quarter. Hennessy Advisors Inc. now owns 28,000 shares of the insurance provider’s stock valued at $1,034,000 after buying an additional 8,000 shares during the period. Finally, Yeomans Consulting Group Inc. acquired a new position in Truist Financial during the 4th quarter worth about $389,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent research reports. Citigroup boosted their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 22nd. UBS Group upped their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Price Performance

TFC stock traded up $0.56 on Tuesday, reaching $36.36. The company had a trading volume of 5,118,980 shares, compared to its average volume of 8,668,042. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company’s fifty day moving average is $37.82 and its 200 day moving average is $36.95. The company has a market cap of $48.65 billion, a P/E ratio of -27.59, a PEG ratio of 1.75 and a beta of 1.06. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the company earned $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.72%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

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.