Truist Financial Co. (NYSE:TFC) Shares Sold by Montgomery Investment Management Inc.

Montgomery Investment Management Inc. lowered its stake in Truist Financial Co. (NYSE:TFC) by 0.4% during the fourth quarter, Holdings Channel reports. The firm owned 332,099 shares of the insurance provider’s stock after selling 1,450 shares during the period. Truist Financial makes up approximately 5.7% of Montgomery Investment Management Inc.’s investment portfolio, making the stock its 4th biggest position. Montgomery Investment Management Inc.’s holdings in Truist Financial were worth $14,406,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Greenwood Capital Associates LLC grew its position in Truist Financial by 4.6% in the fourth quarter. Greenwood Capital Associates LLC now owns 24,538 shares of the insurance provider’s stock valued at $1,064,000 after acquiring an additional 1,084 shares during the last quarter. E. Ohman J or Asset Management AB grew its position in Truist Financial by 15.5% in the fourth quarter. E. Ohman J or Asset Management AB now owns 60,980 shares of the insurance provider’s stock valued at $2,645,000 after acquiring an additional 8,200 shares during the last quarter. Welch Group LLC grew its position in Truist Financial by 0.4% in the fourth quarter. Welch Group LLC now owns 1,247,422 shares of the insurance provider’s stock valued at $54,101,000 after acquiring an additional 5,588 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in Truist Financial in the fourth quarter valued at about $55,000. Finally, First Dallas Securities Inc. bought a new position in Truist Financial in the fourth quarter valued at about $226,000. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $47.41 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The business’s 50 day simple moving average is $45.53 and its two-hundred day simple moving average is $44.14. The stock has a market capitalization of $62.93 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. Analysts forecast that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.39%. Truist Financial’s dividend payout ratio is presently 62.46%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Raymond James lifted their price target on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company lifted their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $50.79.

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.