Ingalls & Snyder LLC Reduces Holdings in Truist Financial Co. (NYSE:TFC)

Ingalls & Snyder LLC reduced its stake in Truist Financial Co. (NYSE:TFC) by 72.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,058 shares of the insurance provider’s stock after selling 63,466 shares during the period. Ingalls & Snyder LLC’s holdings in Truist Financial were worth $1,044,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bangor Savings Bank increased its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial in the 3rd quarter worth $32,000. Fortitude Family Office LLC increased its position 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 acquiring an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new position in shares of Truist Financial during the third quarter valued at about $45,000. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the topic of a number of research analyst reports. UBS Group boosted their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Piper Sandler raised their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. 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 company. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.46 on Friday. 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 firm’s 50-day moving average price is $45.55 and its 200-day moving average price is $44.32. Truist Financial Co. has a 52-week low of $34.26 and a 52-week high of $49.06. The company has a market cap of $61.67 billion, a PE ratio of 13.95, a PEG ratio of 1.69 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. As a group, analysts anticipate that Truist Financial Co. will post 3.98 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.48%. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated 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 directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

About Truist Financial

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.