Galvin Gaustad & Stein LLC Sells 4,910 Shares of Truist Financial Co. (NYSE:TFC)

Galvin Gaustad & Stein LLC decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 32.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,995 shares of the insurance provider’s stock after selling 4,910 shares during the period. Galvin Gaustad & Stein LLC’s holdings in Truist Financial were worth $427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Capital International Investors boosted its position in Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the last quarter. Swedbank AB bought a new position in Truist Financial in the first quarter valued at $29,957,000. National Bank of Canada FI increased its stake in Truist Financial by 41.8% in the 1st quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock valued at $72,446,000 after buying an additional 541,037 shares during the last quarter. Finally, GW Henssler & Associates Ltd. lifted its position in Truist Financial by 4,435.3% during the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock worth $21,605,000 after buying an additional 494,007 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Down 1.0 %

TFC stock opened at $45.22 on Friday. Truist Financial Co. has a 52 week low of $28.93 and a 52 week high of $47.03. The company has a market capitalization of $60.03 billion, a PE ratio of -31.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.05. The company’s 50-day simple moving average is $42.88 and its 200 day simple moving average is $40.94. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.69 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Morgan Stanley upped their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. The Goldman Sachs Group dropped their price target on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock 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.