Family Legacy Inc. Decreases Stock Holdings in Truist Financial Corporation (NYSE:TFC)

Family Legacy Inc. reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 8.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,870 shares of the insurance provider’s stock after selling 563 shares during the quarter. Family Legacy Inc.’s holdings in Truist Financial were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. LaFleur & Godfrey LLC increased its position in Truist Financial by 19.6% during the 1st quarter. LaFleur & Godfrey LLC now owns 129,370 shares of the insurance provider’s stock valued at $5,324,000 after purchasing an additional 21,202 shares during the period. Southern Capital Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at $1,942,000. Legacy Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at $207,000. AssuredPartners Investment Advisors LLC increased its position in Truist Financial by 10.2% during the 1st quarter. AssuredPartners Investment Advisors LLC now owns 30,626 shares of the insurance provider’s stock valued at $1,260,000 after purchasing an additional 2,827 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in Truist Financial by 5.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 547,172 shares of the insurance provider’s stock valued at $22,516,000 after purchasing an additional 29,958 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC opened at $41.09 on Tuesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $53.81 billion, a P/E ratio of 12.12, a P/E/G ratio of 1.49 and a beta of 0.84. The company’s 50-day simple moving average is $39.19 and its two-hundred day simple moving average is $42.05. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same quarter in the prior year, the business earned $0.90 EPS. As a group, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.06%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TFC shares. TD Cowen started coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price on the stock. Morgan Stanley reduced their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, April 7th. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Finally, Wells Fargo & Company reduced their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Nine equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.83.

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.