Kavar Capital Partners Group LLC Sells 550 Shares of Truist Financial Corporation (NYSE:TFC)

Kavar Capital Partners Group LLC trimmed its holdings in Truist Financial Corporation (NYSE:TFC) by 0.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,521 shares of the insurance provider’s stock after selling 550 shares during the period. Kavar Capital Partners Group LLC’s holdings in Truist Financial were worth $2,614,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. HBK Sorce Advisory LLC lifted its position in Truist Financial by 28.3% in the 1st quarter. HBK Sorce Advisory LLC now owns 12,615 shares of the insurance provider’s stock worth $519,000 after buying an additional 2,781 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in Truist Financial by 133.3% during the 1st quarter. Golden State Wealth Management LLC now owns 5,055 shares of the insurance provider’s stock valued at $208,000 after purchasing an additional 2,888 shares during the period. Global Assets Advisory LLC purchased a new position in shares of Truist Financial during the first quarter valued at approximately $286,000. Cornerstone Wealth Group LLC increased its position in Truist Financial by 9.2% during the 1st quarter. Cornerstone Wealth Group LLC now owns 137,654 shares of the insurance provider’s stock valued at $5,664,000 after purchasing an additional 11,591 shares during the period. Finally, PBMares Wealth Management LLC raised its stake in Truist Financial by 5.6% in the first quarter. PBMares Wealth Management LLC now owns 30,912 shares of the insurance provider’s stock worth $1,272,000 after buying an additional 1,642 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Raymond James Financial downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Barclays reduced their price objective on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. lowered their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $47.83.

Truist Financial Stock Performance

TFC opened at $41.46 on Thursday. The company has a market cap of $54.29 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 1.54 and a beta of 0.84. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $39.40 and its 200-day moving average price is $42.04. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.87. The firm had revenue of $4.95 billion for 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 8.96%. During the same period in the previous year, the company earned $0.90 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial’s payout ratio is 61.36%.

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.