Smith Chas P & Associates PA Cpas Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Smith Chas P & Associates PA Cpas trimmed its stake in Truist Financial Co. (NYSE:TFC) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,929 shares of the insurance provider’s stock after selling 1,293 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in Truist Financial were worth $1,125,000 at the end of the most recent quarter.

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

Truist Financial Stock Performance

NYSE TFC opened at $46.96 on Friday. The business’s 50-day simple moving average is $45.48 and its 200-day simple moving average is $43.83. The firm has a market capitalization of $62.34 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.67 and a beta of 1.08. Truist Financial Co. has a 1-year low of $34.23 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5,047,370 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts predict that Truist Financial Co. will post 3.95 EPS for the current year.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of 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 trade 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 insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. UBS Group raised their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Royal Bank of Canada upped their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Raymond James lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, The Goldman Sachs Group raised their price target on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

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.