Procyon Advisors LLC Sells 11,216 Shares of Truist Financial Corporation $TFC

Procyon Advisors LLC trimmed its stake in shares of Truist Financial Corporation (NYSE:TFC) by 30.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,420 shares of the insurance provider’s stock after selling 11,216 shares during the period. Procyon Advisors LLC’s holdings in Truist Financial were worth $1,169,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors lifted its holdings in Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares in the last quarter. Victory Capital Management Inc. boosted its position in Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after buying an additional 2,226,288 shares during the last quarter. Morgan Stanley boosted its position in Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after buying an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co boosted its position in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Down 0.0%

NYSE:TFC opened at $51.94 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The firm has a market capitalization of $64.71 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.91 and a beta of 0.89. The business’s 50-day moving average price is $49.23 and its two-hundred day moving average price is $49.45.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 EPS. On average, equities analysts expect that Truist Financial Corporation will post 4.51 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Stephens initiated coverage on Truist Financial in a report on Monday, June 15th. They set an “overweight” rating and a $59.00 price objective for the company. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.47.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.