Moore Capital Management LP Sells 121,031 Shares of Truist Financial Co. (NYSE:TFC)

Moore Capital Management LP cut its holdings in Truist Financial Co. (NYSE:TFC) by 28.6% in the fourth quarter, HoldingsChannel reports. The firm owned 302,576 shares of the insurance provider’s stock after selling 121,031 shares during the period. Moore Capital Management LP’s holdings in Truist Financial were worth $13,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC bought a new position in Truist Financial in the 4th quarter worth approximately $26,000. Curio Wealth LLC bought a new stake in shares of Truist Financial in the fourth quarter valued at approximately $45,000. City State Bank grew its stake in shares of Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. bought a new position in Truist Financial during the fourth quarter worth $55,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TFC. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price target on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Piper Sandler dropped their target price on Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Finally, Citigroup cut their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.06.

Truist Financial Price Performance

Shares of NYSE TFC opened at $38.88 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $38.86 and its two-hundred day moving average price is $43.30. The company has a market cap of $50.91 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the previous year, the business posted $0.90 earnings per share. On average, analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.35%. Truist Financial’s payout ratio is presently 61.36%.

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.