Greenwood Capital Associates LLC Cuts Stake in Truist Financial Corporation $TFC

Greenwood Capital Associates LLC cut its holdings in Truist Financial Corporation (NYSE:TFC) by 4.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,742 shares of the insurance provider’s stock after selling 1,000 shares during the period. Greenwood Capital Associates LLC’s holdings in Truist Financial were worth $978,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Wealth Preservation Advisors LLC bought a new stake in Truist Financial during the 1st quarter valued at $25,000. Centennial Bank AR increased its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco boosted its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Saturday, September 27th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Stock Up 0.4%

TFC stock opened at $45.53 on Friday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The business has a fifty day moving average price of $45.15 and a 200-day moving average price of $42.07. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $58.71 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.45 and a beta of 0.88.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the previous year, the business posted $0.91 earnings per share. Truist Financial’s quarterly revenue was down 406.0% compared to the same quarter last year. Equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

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.