GeoWealth Management LLC Cuts Stake in Truist Financial Co. (NYSE:TFC)

GeoWealth Management LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 4.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,079 shares of the insurance provider’s stock after selling 288 shares during the period. GeoWealth Management LLC’s holdings in Truist Financial were worth $264,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Bangor Savings Bank raised its holdings in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the fourth quarter valued at $26,000. Curio Wealth LLC bought a new stake in shares of Truist Financial in the fourth quarter valued at $45,000. City State Bank grew its stake in shares of Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. purchased a new stake in Truist Financial in the 4th quarter worth about $55,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 2.9 %

NYSE TFC opened at $36.34 on Wednesday. The stock’s 50-day simple moving average is $40.79 and its two-hundred day simple moving average is $43.71. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $47.44 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company posted $0.90 EPS. Research analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.72%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 61.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TFC. Wells Fargo & Company cut their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Keefe, Bruyette & Woods reduced their price objective on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $48.28.

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.