D.A. Davidson & CO. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

D.A. Davidson & CO. lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,263 shares of the insurance provider’s stock after selling 383 shares during the period. D.A. Davidson & CO.’s holdings in Truist Financial were worth $1,166,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the third quarter worth about $26,000. MFA Wealth Advisors LLC acquired a new position in Truist Financial during the second quarter worth $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial in the 2nd quarter valued at $31,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial in the 3rd quarter worth $32,000. Finally, Fortitude Family Office LLC raised its holdings in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction dated 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 acquisition, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TFC shares. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. The Goldman Sachs Group raised their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $47.17.

Truist Financial Stock Down 0.1 %

Truist Financial stock opened at $47.68 on Monday. The firm has a market capitalization of $63.30 billion, a P/E ratio of -33.34, a P/E/G ratio of 1.96 and a beta of 1.05. The stock’s fifty day simple moving average is $44.23 and its 200-day simple moving average is $41.84. Truist Financial Co. has a twelve month low of $31.96 and a twelve month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results 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. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. As a group, equities analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

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.