Silvercrest Asset Management Group LLC Has $1.36 Million Stake in Truist Financial Co. (NYSE:TFC)

Silvercrest Asset Management Group LLC decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 12.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 34,856 shares of the insurance provider’s stock after selling 4,965 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Truist Financial were worth $1,359,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Silverlake Wealth Management LLC bought a new stake in shares of Truist Financial in the fourth quarter worth about $237,000. Country Club Bank GFN bought a new position in shares of Truist Financial during the 4th quarter worth approximately $207,000. Oak Thistle LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at approximately $551,000. State of Michigan Retirement System boosted its holdings in Truist Financial by 0.8% during the fourth quarter. State of Michigan Retirement System now owns 394,043 shares of the insurance provider’s stock worth $14,548,000 after purchasing an additional 3,300 shares during the last quarter. Finally, TIAA Trust National Association increased its stake in Truist Financial by 51.5% in the 4th quarter. TIAA Trust National Association now owns 25,652 shares of the insurance provider’s stock valued at $947,000 after buying an additional 8,725 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on TFC. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Morgan Stanley boosted their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Stephens raised their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Finally, Piper Sandler increased their price target on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price of $45.30.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $44.95 on Wednesday. The firm has a market cap of $60.15 billion, a P/E ratio of -34.05, a P/E/G ratio of 2.08 and a beta of 1.07. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.07. The business’s 50 day moving average price is $39.02 and its 200-day moving average price is $37.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. On average, equities research analysts anticipate that Truist Financial Co. will post 3.57 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

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.