Boltwood Capital Management Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Boltwood Capital Management trimmed its position in Truist Financial Co. (NYSE:TFC) by 4.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,935 shares of the insurance provider’s stock after selling 450 shares during the period. Boltwood Capital Management’s holdings in Truist Financial were worth $431,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TFC. Larson Financial Group LLC boosted its position in shares of Truist Financial by 22.8% during the 2nd quarter. Larson Financial Group LLC now owns 2,454 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 456 shares during the last quarter. TD Asset Management Inc grew its stake in Truist Financial by 15.6% in the 2nd quarter. TD Asset Management Inc now owns 686,042 shares of the insurance provider’s stock worth $26,653,000 after buying an additional 92,476 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 10.9% in the 2nd quarter. Victory Capital Management Inc. now owns 457,653 shares of the insurance provider’s stock worth $17,780,000 after buying an additional 44,800 shares during the last quarter. New York Life Investment Management LLC lifted its holdings in shares of Truist Financial by 1.3% during the 2nd quarter. New York Life Investment Management LLC now owns 204,022 shares of the insurance provider’s stock worth $7,926,000 after acquiring an additional 2,567 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of Truist Financial by 1.2% during the 2nd quarter. Private Advisor Group LLC now owns 74,756 shares of the insurance provider’s stock worth $2,904,000 after acquiring an additional 916 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TFC shares. Wells Fargo & Company raised their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler boosted their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada upped their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

Truist Financial Trading Up 1.1 %

TFC stock traded up $0.50 during trading on Monday, reaching $44.60. The company had a trading volume of 1,363,588 shares, compared to its average volume of 3,803,684. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. The business has a 50 day moving average of $45.30 and a 200 day moving average of $43.14. The company has a market cap of $59.21 billion, a P/E ratio of -31.19, a PEG ratio of 1.88 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, sell-side analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.66%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction 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 owns 11,246 shares of the company’s stock, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by insiders.

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.