Alpha Omega Wealth Management LLC Cuts Holdings in Truist Financial Co. (NYSE:TFC)

Alpha Omega Wealth Management LLC lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 0.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 170,352 shares of the insurance provider’s stock after selling 1,055 shares during the period. Truist Financial accounts for about 1.4% of Alpha Omega Wealth Management LLC’s investment portfolio, making the stock its 17th biggest holding. Alpha Omega Wealth Management LLC’s holdings in Truist Financial were worth $7,390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Concord Wealth Partners grew its position in shares of Truist Financial by 279.4% in the 4th quarter. Concord Wealth Partners now owns 70,122 shares of the insurance provider’s stock worth $3,042,000 after buying an additional 51,641 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in Truist Financial in the fourth quarter worth $314,000. Kennebec Savings Bank increased its position in shares of Truist Financial by 3.2% during the fourth quarter. Kennebec Savings Bank now owns 10,208 shares of the insurance provider’s stock worth $440,000 after purchasing an additional 313 shares in the last quarter. Sonora Investment Management Group LLC lifted its holdings in shares of Truist Financial by 1.5% during the 4th quarter. Sonora Investment Management Group LLC now owns 335,203 shares of the insurance provider’s stock valued at $14,541,000 after purchasing an additional 4,965 shares during the last quarter. Finally, Crews Bank & Trust acquired a new stake in shares of Truist Financial in the 4th quarter worth $1,677,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Compass Point upped their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Stephens boosted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Keefe, Bruyette & Woods raised their target price on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Wells Fargo & Company increased their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada lifted their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.64 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $34.23 and a 12-month high of $49.06. The business’s 50 day moving average is $45.55 and its two-hundred day moving average is $44.09. The company has a market capitalization of $63.24 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.68 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating 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 revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 EPS. Analysts expect that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.37%. Truist Financial’s dividend payout ratio is currently 62.46%.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

About Truist Financial

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.