B. Riley Wealth Advisors Inc. Has $2.08 Million Stake in Truist Financial Co. (NYSE:TFC)

B. Riley Wealth Advisors Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 9.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 49,431 shares of the insurance provider’s stock after selling 5,132 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Truist Financial were worth $2,082,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Truist Financial by 37.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 18,371 shares of the insurance provider’s stock valued at $714,000 after acquiring an additional 5,021 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Truist Financial by 26.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 778,007 shares of the insurance provider’s stock valued at $30,226,000 after acquiring an additional 164,485 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Truist Financial by 3.0% in the second quarter. First Horizon Advisors Inc. now owns 20,760 shares of the insurance provider’s stock valued at $807,000 after purchasing an additional 595 shares during the period. Hobbs Group Advisors LLC acquired a new stake in Truist Financial in the second quarter valued at $38,000. Finally, Capital Investment Counsel Inc increased its holdings in Truist Financial by 0.4% in the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after purchasing an additional 244 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on TFC. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Royal Bank of Canada increased their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. UBS Group increased their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Stephens restated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $48.53.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $45.78 on Monday. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $45.10 and a 200-day moving average price of $42.38. The company has a market cap of $60.77 billion, a price-to-earnings ratio of -32.01, a price-to-earnings-growth ratio of 1.88 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. As a group, equities analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.54%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.