Raymond James Financial Services Advisors Inc. Has $24.05 Million Stake in Truist Financial Co. (NYSE:TFC)

Raymond James Financial Services Advisors Inc. lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 14.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 651,366 shares of the insurance provider’s stock after selling 113,370 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Truist Financial were worth $24,048,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. EPG Wealth Management LLC increased its position in shares of Truist Financial by 1.8% in the fourth quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock worth $526,000 after purchasing an additional 213 shares during the period. Williams Jones Wealth Management LLC. lifted its holdings in shares of Truist Financial by 5.8% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock worth $275,000 after acquiring an additional 268 shares during the period. Financial Advocates Investment Management boosted its position in shares of Truist Financial by 3.5% during the 4th quarter. Financial Advocates Investment Management now owns 9,071 shares of the insurance provider’s stock worth $390,000 after acquiring an additional 306 shares in the last quarter. Cape Investment Advisory Inc. increased its stake in Truist Financial by 7.4% in the third quarter. Cape Investment Advisory Inc. now owns 4,849 shares of the insurance provider’s stock valued at $139,000 after acquiring an additional 335 shares during the last quarter. Finally, Birmingham Capital Management Co. Inc. AL raised its position in Truist Financial by 4.1% during the third quarter. Birmingham Capital Management Co. Inc. AL now owns 8,544 shares of the insurance provider’s stock valued at $244,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TFC shares. Raymond James raised their target price on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Thursday, January 4th. Finally, StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $39.47.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $38.59 on Thursday. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $38.61. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50 day moving average price is $36.36 and its 200-day moving average price is $33.39.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the business earned $1.30 earnings per share. Research analysts forecast that Truist Financial Co. will post 3.39 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.39%. Truist Financial’s payout ratio is currently -192.59%.

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.