CNB Bank Sells 1,974 Shares of Truist Financial Co. (NYSE:TFC)

CNB Bank trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC) by 17.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,044 shares of the insurance provider’s stock after selling 1,974 shares during the period. CNB Bank’s holdings in Truist Financial were worth $392,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bangor Savings Bank raised its position in 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 buying an additional 272 shares during the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial during the third quarter valued at approximately $32,000. Fortitude Family Office LLC lifted its position in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in Truist Financial in the third quarter worth approximately $45,000. 71.28% of the stock is owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on TFC. UBS Group increased their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Citigroup lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Finally, Wells Fargo & Company upped their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Eleven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.95.

Truist Financial Trading Up 5.8 %

NYSE TFC opened at $47.61 on Friday. 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 stock has a market cap of $63.20 billion, a PE ratio of -33.21, a PEG ratio of 1.67 and a beta of 1.08. The company’s 50-day moving average price is $45.38 and its 200-day moving average price is $43.47. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5,047,370 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Co. will post 3.61 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.37%. Truist Financial’s payout ratio is presently -145.45%.

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.