Amalgamated Bank Reduces Stock Holdings in Truist Financial Co. (NYSE:TFC)

Amalgamated Bank trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 326,070 shares of the insurance provider’s stock after selling 10,334 shares during the period. Amalgamated Bank’s holdings in Truist Financial were worth $12,039,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. North Reef Capital Management LP purchased a new stake in Truist Financial in the 3rd quarter worth about $66,804,000. Assenagon Asset Management S.A. raised its position in shares of Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after purchasing an additional 1,955,448 shares during the period. Jennison Associates LLC raised its position in shares of Truist Financial by 45.1% in the third quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock valued at $105,102,000 after purchasing an additional 1,141,944 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Truist Financial by 3,359.6% during the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after buying an additional 1,015,338 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Truist Financial by 1,155.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,054,500 shares of the insurance provider’s stock worth $30,169,000 after buying an additional 970,500 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC stock traded up $0.50 during mid-day trading on Friday, hitting $38.85. 8,081,419 shares of the stock were exchanged, compared to its average volume of 8,655,990. The business has a fifty day moving average price of $37.08 and a 200 day moving average price of $35.07. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $39.29. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $51.85 billion, a price-to-earnings ratio of -29.43, a PEG ratio of 2.01 and a beta of 1.07.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company posted $1.09 EPS. Truist Financial’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.3 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on TFC. Morgan Stanley restated an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 22nd. Royal Bank of Canada increased their price objective on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. JPMorgan Chase & Co. raised their target price on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday. Raymond James upped their price target on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Finally, Citigroup raised their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

Truist Financial 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.