Truist Financial Co. (NYSE:TFC) Shares Sold by Busey Bank

Busey Bank cut its stake in Truist Financial Co. (NYSE:TFC) by 4.6% in the 4th quarter, HoldingsChannel reports. The fund owned 15,641 shares of the insurance provider’s stock after selling 751 shares during the period. Busey Bank’s holdings in Truist Financial were worth $679,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bangor Savings Bank increased its position in shares of 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 purchasing an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the third quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at about $32,000. Fortitude Family Office LLC increased its holdings in shares of Truist Financial by 376.7% in the third 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 acquired a new stake in shares of Truist Financial during the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insiders Place Their Bets

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 of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $48.02 on Friday. The stock has a market capitalization of $63.75 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.68 and a beta of 1.08. The business has a 50-day moving average of $45.53 and a two-hundred day moving average of $44.02. Truist Financial Co. has a fifty-two week low of $34.23 and a fifty-two week 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 announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.33%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TFC. Morgan Stanley boosted their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Compass Point boosted their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Raymond James boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, UBS Group raised their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.79.

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.