Prime Capital Investment Advisors LLC Decreases Stock Position in Truist Financial Corporation $TFC

Prime Capital Investment Advisors LLC reduced its position in Truist Financial Corporation (NYSE:TFC) by 17.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,680 shares of the insurance provider’s stock after selling 2,730 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Truist Financial were worth $545,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank raised its stake in Truist Financial by 8.6% during the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after buying an additional 948 shares during the last quarter. Code Waechter LLC purchased a new stake in Truist Financial during the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after buying an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc raised its stake in Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after buying an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A raised its stake in Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after buying an additional 216,672 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research reports. Morgan Stanley boosted their target price on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research note on Tuesday. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Trading Down 4.4%

Shares of TFC stock opened at $42.32 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm has a fifty day moving average price of $45.16 and a 200-day moving average price of $42.16. 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 company has a market cap of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.42 and a beta of 0.88.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company’s revenue was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.9%. Truist Financial’s dividend payout ratio is currently 56.68%.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Company 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.