Salomon & Ludwin LLC Sells 1,917 Shares of Truist Financial Co. (NYSE:TFC)

Salomon & Ludwin LLC lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 8.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,030 shares of the insurance provider’s stock after selling 1,917 shares during the quarter. Salomon & Ludwin LLC’s holdings in Truist Financial were worth $956,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bangor Savings Bank lifted its position in 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. acquired a new position in Truist Financial during the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial during the 3rd quarter valued at about $32,000. Fortitude Family Office LLC lifted its position in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new position in Truist Financial during the 3rd quarter valued at about $45,000. Institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost 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 owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $46.80 on Friday. The stock has a market capitalization of $62.13 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.69 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.26 and a twelve month high of $49.06. The company has a 50 day moving average of $45.54 and a 200-day moving average of $44.33. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid 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 dividend yield of 4.44%. Truist Financial’s dividend payout ratio is currently 62.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TFC shares. Raymond James upped their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Royal Bank of Canada increased their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Barclays increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group increased their price target on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.