Marcum Wealth LLC Has $548,000 Stake in Truist Financial Co. (NYSE:TFC)

Marcum Wealth LLC lessened its stake in Truist Financial Co. (NYSE:TFC) by 5.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,809 shares of the insurance provider’s stock after selling 671 shares during the quarter. Marcum Wealth LLC’s holdings in Truist Financial were worth $548,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its holdings in shares of Truist Financial by 43.2% in the third quarter. Hexagon Capital Partners LLC now owns 7,319 shares of the insurance provider’s stock valued at $313,000 after purchasing an additional 2,207 shares in the last quarter. CWM LLC boosted its position in Truist Financial by 25.9% during the 3rd quarter. CWM LLC now owns 47,534 shares of the insurance provider’s stock worth $2,033,000 after acquiring an additional 9,769 shares during the last quarter. Burkett Financial Services LLC boosted its position in Truist Financial by 26.8% during the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 253 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in shares of Truist Financial by 51.6% during the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 11,958 shares of the insurance provider’s stock worth $511,000 after purchasing an additional 4,070 shares during the last quarter. Finally, Hoxton Planning & Management LLC increased its stake in shares of Truist Financial by 41.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 14,074 shares of the insurance provider’s stock worth $602,000 after purchasing an additional 4,141 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Analysts Set New Price Targets

TFC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, July 17th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Bank of America increased their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.45.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $42.50 on Friday. Truist Financial Co. has a 52 week low of $26.95 and a 52 week high of $45.31. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $42.45 and its 200-day moving average is $40.05.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the business posted $0.95 EPS. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. Research analysts forecast that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. Truist Financial’s dividend payout ratio is currently -128.40%.

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.