Kanawha Capital Management LLC Sells 693 Shares of Truist Financial Co. (NYSE:TFC)

Kanawha Capital Management LLC lowered its position in Truist Financial Co. (NYSE:TFC) by 0.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 260,398 shares of the insurance provider’s stock after selling 693 shares during the period. Kanawha Capital Management LLC’s holdings in Truist Financial were worth $11,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $32,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $45,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. Citigroup raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. UBS Group raised their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Barclays raised their price target on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Morgan Stanley lifted their target price on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.2 %

TFC stock opened at $46.46 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $61.67 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.69 and a beta of 1.08. The business has a 50-day moving average of $45.55 and a 200-day moving average of $44.32. Truist Financial Co. has a fifty-two week low of $34.26 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. Truist Financial’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.98 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.48%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

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.