Kovack Advisors Inc. Sells 1,501 Shares of Truist Financial Co. (NYSE:TFC)

Kovack Advisors Inc. trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 18.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,795 shares of the insurance provider’s stock after selling 1,501 shares during the quarter. Kovack Advisors Inc.’s holdings in Truist Financial were worth $291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of TFC. Capital International Investors grew its position in Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after purchasing an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Truist Financial Corp increased its stake in shares of Truist Financial by 6.7% in the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after buying an additional 311,523 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Truist Financial by 1.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after buying an additional 58,349 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.6 %

NYSE:TFC opened at $46.54 on Friday. Truist Financial Co. has a fifty-two week low of $31.13 and a fifty-two week high of $47.57. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $61.78 billion, a PE ratio of -32.54, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The business’s 50-day simple moving average is $43.09 and its 200-day simple moving average is $41.16.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio is -145.45%.

Wall Street Analysts Forecast Growth

TFC has been the subject of several research reports. Stephens restated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Compass Point raised their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. The Goldman Sachs Group decreased their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company boosted their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial 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.