Elequin Capital LP Decreases Stock Holdings in Truist Financial Co. (NYSE:TFC)

Elequin Capital LP reduced its holdings in Truist Financial Co. (NYSE:TFC) by 55.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 800 shares of the insurance provider’s stock after selling 1,000 shares during the period. Elequin Capital LP’s holdings in Truist Financial were worth $35,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. PBMares Wealth Management LLC grew its position in Truist Financial by 0.8% in the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after acquiring an additional 224 shares in the last quarter. Koshinski Asset Management Inc. lifted its stake in shares of Truist Financial by 2.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after purchasing an additional 225 shares during the last quarter. FWG Holdings LLC boosted its holdings in shares of Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after purchasing an additional 234 shares during the period. Avestar Capital LLC boosted its holdings in shares of Truist Financial by 4.1% in the 4th quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider’s stock worth $273,000 after purchasing an additional 250 shares during the period. Finally, Pathway Financial Advisors LLC increased its position in shares of Truist Financial by 2.2% during the 4th quarter. Pathway Financial Advisors LLC now owns 12,124 shares of the insurance provider’s stock valued at $526,000 after purchasing an additional 260 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company lowered their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Raymond James lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Argus set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 21st. Finally, Morgan Stanley cut their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.83.

Truist Financial Price Performance

TFC opened at $39.16 on Thursday. The company has a market capitalization of $51.28 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.63 and a beta of 0.83. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The business’s fifty day simple moving average is $38.85 and its 200-day simple moving average is $43.18.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the prior year, the firm earned $0.90 earnings per share. On average, equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.31%. Truist Financial’s dividend payout ratio is presently 61.36%.

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.