Oppenheimer Asset Management Inc. Cuts Stake in Truist Financial Co. (NYSE:TFC)

Oppenheimer Asset Management Inc. lowered its holdings in shares of Truist Financial Co. (NYSE:TFC) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 403,726 shares of the insurance provider’s stock after selling 1,035 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Truist Financial were worth $17,514,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TFC. Bangor Savings Bank grew its holdings in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial during the 3rd quarter valued at approximately $32,000. Fortitude Family Office LLC grew its holdings in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in Truist Financial during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on TFC. Morgan Stanley raised their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Compass Point lifted their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Piper Sandler lifted their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $50.79.

Truist Financial Trading Up 0.2 %

Shares of NYSE TFC opened at $45.26 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $45.65 and a two-hundred day simple moving average of $44.57. The firm has a market cap of $60.08 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.51 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. Analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

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.