Kanawha Capital Management LLC Lowers Stock Position in Truist Financial Corporation $TFC

Kanawha Capital Management LLC lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 13.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 183,393 shares of the insurance provider’s stock after selling 29,601 shares during the quarter. Kanawha Capital Management LLC’s holdings in Truist Financial were worth $9,025,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. EPG Wealth Management LLC boosted its holdings in Truist Financial by 1.8% in the 4th quarter. EPG Wealth Management LLC now owns 22,674 shares of the insurance provider’s stock valued at $1,116,000 after purchasing an additional 406 shares in the last quarter. Caprock Group LLC boosted its holdings in Truist Financial by 68.9% in the 4th quarter. Caprock Group LLC now owns 72,829 shares of the insurance provider’s stock valued at $3,584,000 after purchasing an additional 29,704 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Truist Financial by 93.8% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 30,900 shares of the insurance provider’s stock valued at $1,521,000 after purchasing an additional 14,952 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Truist Financial by 34.4% during the 4th quarter. M&T Bank Corp now owns 215,160 shares of the insurance provider’s stock worth $10,588,000 after acquiring an additional 55,048 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 4th quarter worth approximately $304,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.93 on Thursday. Truist Financial Corporation has a 1 year low of $36.83 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average price of $48.21 and a 200 day moving average price of $47.98. The stock has a market cap of $63.20 billion, a PE ratio of 12.64, a P/E/G ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the company earned $0.87 EPS. Truist Financial’s revenue was up 5.0% on a year-over-year basis. Sell-side analysts forecast that Truist Financial Corporation will post 4.5 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s dividend payout ratio is presently 51.61%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Royal Bank Of Canada lifted their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.41.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.