Allen Mooney & Barnes Investment Advisors LLC Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Allen Mooney & Barnes Investment Advisors LLC cut its position in shares of Truist Financial Co. (NYSE:TFC) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,985 shares of the insurance provider’s stock after selling 797 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Truist Financial were worth $1,301,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bangor Savings Bank grew its position in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the third quarter valued at approximately $32,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Truist Financial during the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group lifted their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Compass Point lifted their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Citigroup increased their price objective on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $49.89.

Truist Financial Stock Performance

NYSE TFC opened at $43.87 on Wednesday. The stock has a market cap of $58.24 billion, a PE ratio of -30.68, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06. The stock has a fifty day simple moving average of $45.41 and a 200-day simple moving average of $43.46. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Equities analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Company 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.