Cannon Wealth Management Services LLC Sells 610 Shares of Truist Financial Co. (NYSE:TFC)

Cannon Wealth Management Services LLC lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 10.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,014 shares of the insurance provider’s stock after selling 610 shares during the quarter. Cannon Wealth Management Services LLC’s holdings in Truist Financial were worth $235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TFC. Bangor Savings Bank raised its position in shares of Truist Financial by 92.5% during the fourth 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 last quarter. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the third quarter valued at about $26,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial in the third quarter valued at about $32,000. Fortitude Family Office LLC increased its holdings in 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 purchasing an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in Truist Financial in the third quarter valued at about $45,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $45.67 on Monday. Truist Financial Co. has a 52-week low of $34.26 and a 52-week high of $49.06. The firm has a market capitalization of $60.62 billion, a PE ratio of 13.71, a PEG ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The business’s 50-day simple moving average is $45.61 and its 200 day simple moving average is $44.52.

Truist Financial (NYSE:TFC) last released its earnings results 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 return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. Truist Financial’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be issued 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 4.55%. Truist Financial’s payout ratio is presently 62.46%.

Analysts Set New Price Targets

TFC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. The Goldman Sachs Group upped their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Compass Point upped their price objective on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Stephens boosted their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. 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 stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $50.79.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 4,966 shares of the company’s 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 sale, the director now owns 11,246 shares in the company, valued at approximately $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 accessible through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

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.