Galvin Gaustad & Stein LLC Has $427,000 Stock Holdings in Truist Financial Co. (NYSE:TFC)

Galvin Gaustad & Stein LLC lowered its holdings in Truist Financial Co. (NYSE:TFC) by 32.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,995 shares of the insurance provider’s stock after selling 4,910 shares during the quarter. Galvin Gaustad & Stein LLC’s holdings in Truist Financial were worth $427,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Crewe Advisors LLC acquired a new position in Truist Financial during the 1st quarter valued at $27,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the 2nd quarter worth about $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial during the second quarter valued at about $31,000. Fortitude Family Office LLC lifted its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new stake in Truist Financial during the second quarter worth about $38,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Down 1.0 %

NYSE TFC opened at $45.22 on Friday. Truist Financial Co. has a 12 month low of $28.93 and a 12 month high of $47.03. The stock has a 50-day simple moving average of $42.88 and a 200 day simple moving average of $40.94. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $60.03 billion, a PE ratio of -31.62, a P/E/G ratio of 1.94 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Research analysts forecast that Truist Financial Co. will post 3.69 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Ratings Changes

A number of analysts have commented on TFC shares. Barclays raised their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Argus increased their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $46.02.

About Truist Financial

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.