Nemes Rush Group LLC Sells 1,321 Shares of Truist Financial Co. (NYSE:TFC)

Nemes Rush Group LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,466 shares of the insurance provider’s stock after selling 1,321 shares during the quarter. Nemes Rush Group LLC’s holdings in Truist Financial were worth $202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Missouri Trust & Investment Co boosted its stake in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Northwest Financial Advisors bought a new position in Truist Financial in the fourth quarter valued at approximately $34,000. Morton Brown Family Wealth LLC boosted its position in shares of Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Truist Financial during the fourth quarter worth $38,000. Finally, Operose Advisors LLC bought a new position in shares of Truist Financial during the third quarter worth $31,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock traded down $0.45 on Wednesday, reaching $39.09. 1,529,305 shares of the stock were exchanged, compared to its average volume of 9,043,567. The firm’s 50 day moving average is $37.97 and its 200-day moving average is $36.17. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.51. 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 firm has a market cap of $52.31 billion, a PE ratio of -29.61, a P/E/G ratio of 1.94 and a beta of 1.07.

Truist Financial (NYSE:TFC) last issued 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 company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the firm posted $1.09 EPS. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, analysts anticipate that Truist Financial Co. will post 3.34 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insider Buying and Selling

In related 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 shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, 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 through the SEC website. 0.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Barclays initiated coverage on shares of Truist Financial in a research report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target on the stock. Evercore ISI reissued an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. UBS Group boosted their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

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.