Stock Yards Bank & Trust Co. Cuts Position in Truist Financial Co. (NYSE:TFC)

Stock Yards Bank & Trust Co. cut its stake in Truist Financial Co. (NYSE:TFC) by 12.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,292 shares of the insurance provider’s stock after selling 8,749 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Truist Financial were worth $2,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. AMF Tjanstepension AB purchased a new position in Truist Financial in the third quarter worth $3,208,000. Czech National Bank boosted its position in Truist Financial by 7.0% during the third quarter. Czech National Bank now owns 272,797 shares of the insurance provider’s stock valued at $11,668,000 after buying an additional 17,811 shares during the period. Handelsbanken Fonder AB boosted its position in Truist Financial by 0.6% during the third quarter. Handelsbanken Fonder AB now owns 279,139 shares of the insurance provider’s stock valued at $11,939,000 after buying an additional 1,591 shares during the period. GAMMA Investing LLC boosted its position in Truist Financial by 29.7% during the third quarter. GAMMA Investing LLC now owns 24,308 shares of the insurance provider’s stock valued at $1,040,000 after buying an additional 5,572 shares during the period. Finally, Traveka Wealth LLC purchased a new stake in Truist Financial during the third quarter valued at about $244,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Down 0.8 %

NYSE:TFC opened at $47.64 on Monday. The company’s 50 day moving average price is $45.55 and its 200-day moving average price is $44.10. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. 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 stock has a market cap of $63.24 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.69 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts forecast that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business 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. This represents a $2.08 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the transaction, 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays upped 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. Wells Fargo & Company upped their price target on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. upped their price target 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. UBS Group upped their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. 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 equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

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.