Duncan Williams Asset Management LLC Decreases Stake in Truist Financial Co. (NYSE:TFC)

Duncan Williams Asset Management LLC trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 8.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,353 shares of the insurance provider’s stock after selling 1,197 shares during the period. Duncan Williams Asset Management LLC’s holdings in Truist Financial were worth $579,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bangor Savings Bank increased 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 valued at $25,000 after purchasing an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the third quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the third quarter valued at $32,000. Fortitude Family Office LLC lifted its holdings in 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 last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

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

Analysts Set New Price Targets

Several research firms recently weighed in on TFC. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Raymond James increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Compass Point increased their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Stock Up 0.4 %

TFC stock opened at $46.96 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 company’s 50 day simple moving average is $45.48 and its 200-day simple moving average is $43.83. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The firm has a market capitalization of $62.34 billion, a PE ratio of 14.10, a P/E/G ratio of 1.67 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its quarterly earnings results 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. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5,047,370 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 earnings per share. Equities analysts expect that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

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.