Socorro Asset Management LP Sells 10,660 Shares of Truist Financial Corporation $TFC

Socorro Asset Management LP lowered its stake in Truist Financial Corporation (NYSE:TFC) by 9.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 104,287 shares of the insurance provider’s stock after selling 10,660 shares during the period. Truist Financial makes up approximately 2.2% of Socorro Asset Management LP’s holdings, making the stock its 29th biggest position. Socorro Asset Management LP’s holdings in Truist Financial were worth $4,794,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial in the 4th quarter valued at approximately $25,000. Swiss RE Ltd. bought a new stake in Truist Financial during the fourth quarter worth approximately $26,000. McMillan Office Inc. bought a new stake in Truist Financial during the fourth quarter worth approximately $31,000. Ancora Advisors LLC grew its holdings in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Finally, Maseco LLP grew its holdings in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.6%

Shares of TFC opened at $52.09 on Tuesday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock has a market cap of $64.90 billion, a PE ratio of 11.95, a PEG ratio of 0.94 and a beta of 0.89. The stock has a 50 day simple moving average of $49.91 and a 200-day simple moving average of $49.56. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. On average, sell-side analysts predict that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Evercore reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Bank of America reaffirmed a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $54.61.

Truist Financial Company 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.