Truist Financial Corporation $TFC Shares Sold by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,046,367 shares of the insurance provider’s stock after selling 19,826 shares during the quarter. Burgundy Asset Management Ltd. owned about 0.16% of Truist Financial worth $87,973,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in TFC. Foster Victor Wealth Advisors LLC raised its stake in shares of Truist Financial by 0.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock worth $2,804,000 after purchasing an additional 242 shares during the last quarter. MGO One Seven LLC raised its holdings in Truist Financial by 0.9% during the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock worth $1,240,000 after purchasing an additional 246 shares during the last quarter. Klingman & Associates LLC boosted its position in shares of Truist Financial by 2.2% in the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares in the last quarter. Haverford Trust Co lifted its holdings in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 262 shares in the last quarter. Finally, Keystone Financial Group Inc. lifted its stake in Truist Financial by 1.3% in the 2nd quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock valued at $942,000 after buying an additional 266 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of several analyst reports. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, October 21st. Evercore ISI upped their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. UBS Group set a $55.00 target price on Truist Financial in a report on Tuesday, October 21st. Morgan Stanley boosted their price objective on shares of Truist Financial from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Truist Financial in a research report on Monday, December 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Truist Financial Stock Down 0.0%

Truist Financial stock opened at $47.54 on Friday. The company has a 50-day simple moving average of $44.79 and a 200-day simple moving average of $43.99. Truist Financial Corporation has a one year low of $33.56 and a one year high of $48.53. The firm has a market capitalization of $60.81 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 earnings per share. As a group, equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is 55.91%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

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.