Procyon Advisors LLC Sells 11,216 Shares of Truist Financial Corporation $TFC

Procyon Advisors LLC trimmed its position in Truist Financial Corporation (NYSE:TFC) by 30.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,420 shares of the insurance provider’s stock after selling 11,216 shares during the quarter. Procyon Advisors LLC’s holdings in Truist Financial were worth $1,169,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Auto Owners Insurance Co raised its stake in shares of Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank acquired a new stake in shares of Truist Financial during the 4th quarter valued at about $502,340,000. American Assets Investment Management LLC boosted its position in shares of Truist Financial by 781.2% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after acquiring an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Truist Financial by 37.6% in the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after acquiring an additional 2,867,449 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 0.0%

Shares of TFC opened at $51.94 on Wednesday. The company has a market capitalization of $64.71 billion, a P/E ratio of 12.89, a PEG ratio of 0.91 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The business’s 50 day simple moving average is $49.23 and its 200-day simple moving average is $49.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the firm posted $0.87 EPS. The business’s revenue was up 5.0% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.51 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Evercore reissued an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Royal Bank Of Canada upped their price objective on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $54.47.

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.