HighTower Advisors LLC Cuts Stake in Truist Financial Corporation $TFC

HighTower Advisors LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 4.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,167,199 shares of the insurance provider’s stock after selling 49,356 shares during the period. HighTower Advisors LLC’s holdings in Truist Financial were worth $57,438,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Envestnet Portfolio Solutions Inc. increased its stake in shares of Truist Financial by 2.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 97,838 shares of the insurance provider’s stock worth $4,815,000 after purchasing an additional 2,011 shares in the last quarter. Entrust Financial LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth about $131,000. Cascade Financial Partners LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth about $277,000. Gamco Investors INC. ET AL purchased a new stake in shares of Truist Financial during the fourth quarter worth about $259,000. Finally, RiverFront Investment Group LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth about $259,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $48.00 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $59.80 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.80 and a beta of 0.92. The company’s 50-day moving average is $47.79 and its two-hundred day moving average is $48.70. Truist Financial Corporation has a 1-year low of $38.27 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.87 EPS. Analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Analyst Ratings Changes

A number of research firms have recently commented on TFC. Argus boosted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. TD Cowen boosted their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.59.

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.