Bridge Creek Capital Management LLC Sells 2,770 Shares of Truist Financial Co. (NYSE:TFC)

Bridge Creek Capital Management LLC lowered its position in Truist Financial Co. (NYSE:TFC) by 2.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 116,988 shares of the insurance provider’s stock after selling 2,770 shares during the period. Truist Financial makes up about 1.6% of Bridge Creek Capital Management LLC’s portfolio, making the stock its 21st largest position. Bridge Creek Capital Management LLC’s holdings in Truist Financial were worth $5,075,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in TFC. Wedmont Private Capital increased its holdings in shares of Truist Financial by 19.1% in the fourth quarter. Wedmont Private Capital now owns 12,348 shares of the insurance provider’s stock worth $528,000 after acquiring an additional 1,978 shares in the last quarter. Salem Investment Counselors Inc. increased its stake in Truist Financial by 0.5% during the 4th quarter. Salem Investment Counselors Inc. now owns 292,822 shares of the insurance provider’s stock worth $12,703,000 after purchasing an additional 1,581 shares in the last quarter. Capital Investment Advisors LLC raised its holdings in Truist Financial by 1.7% during the 4th quarter. Capital Investment Advisors LLC now owns 39,413 shares of the insurance provider’s stock worth $1,710,000 after buying an additional 656 shares during the period. Brookstone Capital Management lifted its stake in Truist Financial by 2.1% in the fourth quarter. Brookstone Capital Management now owns 275,849 shares of the insurance provider’s stock valued at $11,966,000 after buying an additional 5,765 shares in the last quarter. Finally, City State Bank increased its position in shares of Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC traded up $0.10 during midday trading on Monday, reaching $42.88. 4,774,399 shares of the stock were exchanged, compared to its average volume of 5,963,349. The stock’s 50 day simple moving average is $45.36 and its 200 day simple moving average is $43.38. The company has a market cap of $56.92 billion, a P/E ratio of -29.99, a PEG ratio of 1.88 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.85%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Insider Buying and Selling

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

Analyst Ratings Changes

TFC has been the topic of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. 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 report on Tuesday, January 7th. Barclays raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Finally, StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

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.