Financial Partners Group LLC Sells 2,424 Shares of Truist Financial Co. (NYSE:TFC)

Financial Partners Group LLC cut its stake in Truist Financial Co. (NYSE:TFC) by 6.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,593 shares of the insurance provider’s stock after selling 2,424 shares during the period. Financial Partners Group LLC’s holdings in Truist Financial were worth $1,465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Truist Financial by 0.3% during the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after purchasing an additional 1,458,248 shares during the period. Royal Bank of Canada raised its position in shares of Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock worth $440,162,000 after purchasing an additional 732,801 shares during the period. Morgan Stanley raised its position in shares of Truist Financial by 0.3% during the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock worth $439,568,000 after purchasing an additional 39,510 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Truist Financial by 11.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock valued at $322,395,000 after buying an additional 883,416 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC stock traded up $1.01 on Friday, hitting $38.85. 9,600,184 shares of the stock were exchanged, compared to its average volume of 7,012,324. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $51.99 billion, a PE ratio of -29.43, a P/E/G ratio of 2.04 and a beta of 1.06. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.51. The firm’s 50 day moving average is $37.89 and its two-hundred day moving average is $37.16.

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 the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.09 EPS. Sell-side analysts expect that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were paid a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.35%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TFC shares. HSBC increased their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $45.00 to $46.00 and gave the company 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 research report on Thursday, May 16th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. Finally, Piper Sandler raised their target price on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average price target 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.