Naples Global Advisors LLC Sells 708 Shares of Truist Financial Co. (NYSE:TFC)

Posted by Defense World Staff on Jun 29th, 2023

Naples Global Advisors LLC reduced its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,043 shares of the insurance provider’s stock after selling 708 shares during the quarter. Naples Global Advisors LLC’s holdings in Truist Financial were worth $240,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Fairfield Bush & CO. bought a new position in shares of Truist Financial during the 1st quarter worth about $25,000. United Bank lifted its position in Truist Financial by 4.1% in the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after purchasing an additional 2,938 shares during the period. Panagora Asset Management Inc. boosted its stake in Truist Financial by 33.3% during the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Truist Financial by 3.3% in the 1st quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after buying an additional 738 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of Truist Financial by 8.1% in the 1st quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after buying an additional 4,234 shares in the last quarter. 71.49% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In other news, Director Charles A. Patton bought 3,668 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average cost of $19.00 per share, with a total value of $69,692.00. Following the completion of the purchase, the director now owns 3,668 shares of the company’s stock, valued at $69,692. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by company insiders.

Truist Financial Price Performance

Shares of TFC opened at $30.47 on Thursday. The stock has a market capitalization of $40.58 billion, a P/E ratio of 6.79, a P/E/G ratio of 1.59 and a beta of 1.05. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $53.34. The company has a 50 day moving average of $30.54 and a 200-day moving average of $38.04. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Truist Financial (NYSE:TFC – Free Report) last issued its quarterly earnings results on Thursday, April 20th. The insurance provider reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). The business had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.09 billion. Truist Financial had a return on equity of 12.37% and a net margin of 22.81%. Truist Financial’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 4.22 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 12th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 6.83%. The ex-dividend date of this dividend was Thursday, May 11th. Truist Financial’s payout ratio is 46.33%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TFC. Citigroup lowered their target price on shares of Truist Financial from $46.00 to $43.00 in a research note on Monday. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada cut their target price on shares of Truist Financial from $46.00 to $43.00 in a research note on Tuesday, June 13th. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price objective for the company. in a research report on Friday, June 16th. Finally, Morgan Stanley lowered their price objective on shares of Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Friday, April 21st. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price of $44.81.

About Truist Financial

(Free Report)

Truist Financial Corporation, a holding 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.