Azimuth Capital Management LLC Trims Holdings in Truist Financial Co. (NYSE:TFC)

Azimuth Capital Management LLC cut its position in shares of Truist Financial Co. (NYSE:TFC) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,605 shares of the insurance provider’s stock after selling 200 shares during the quarter. Azimuth Capital Management LLC’s holdings in Truist Financial were worth $2,665,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Truist Financial by 37.9% in the third quarter. JPMorgan Chase & Co. now owns 48,473,224 shares of the insurance provider’s stock valued at $1,793,995,000 after buying an additional 13,312,350 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Truist Financial in the fourth quarter valued at $301,177,000. Prudential PLC lifted its stake in Truist Financial by 15,535.7% in the third quarter. Prudential PLC now owns 2,189,001 shares of the insurance provider’s stock valued at $83,291,000 after buying an additional 2,175,001 shares during the last quarter. BlackRock Inc. lifted its stake in Truist Financial by 1.6% in the fourth quarter. BlackRock Inc. now owns 89,294,163 shares of the insurance provider’s stock valued at $4,279,871,000 after buying an additional 1,410,385 shares during the last quarter. Finally, KBC Group NV lifted its stake in Truist Financial by 241.1% in the fourth quarter. KBC Group NV now owns 1,876,747 shares of the insurance provider’s stock valued at $89,952,000 after buying an additional 1,326,576 shares during the last quarter. Hedge funds and other institutional investors own 72.11% of the company’s stock.

NYSE:TFC traded down $0.53 during mid-day trading on Tuesday, reaching $58.54. 270,817 shares of the stock were exchanged, compared to its average volume of 5,729,544. The business has a fifty day moving average price of $51.94 and a 200 day moving average price of $45.08. The firm has a market capitalization of $78.92 billion, a PE ratio of 20.09, a PEG ratio of 1.75 and a beta of 1.36. Truist Financial Co. has a 1-year low of $24.01 and a 1-year high of $59.27. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 20th. The insurance provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.19. Truist Financial had a return on equity of 7.76% and a net margin of 16.95%. During the same quarter last year, the company earned $1.04 EPS. On average, sell-side analysts forecast that Truist Financial Co. will post 3.54 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Friday, February 12th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, February 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.07%. Truist Financial’s dividend payout ratio (DPR) is 41.19%.

In related news, insider Clarke R. Starnes III sold 48,175 shares of the stock in a transaction on Friday, January 22nd. The stock was sold at an average price of $51.06, for a total value of $2,459,815.50. Following the completion of the transaction, the insider now owns 182,205 shares in the company, valued at approximately $9,303,387.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO William H. Rogers, Jr. sold 176,379 shares of the stock in a transaction on Friday, January 22nd. The shares were sold at an average price of $50.22, for a total value of $8,857,753.38. Following the completion of the transaction, the chief operating officer now owns 849,506 shares of the company’s stock, valued at approximately $42,662,191.32. The disclosure for this sale can be found here. Insiders sold a total of 228,574 shares of company stock valued at $11,510,241 in the last quarter. 0.35% of the stock is currently owned by corporate insiders.

A number of equities research analysts have issued reports on TFC shares. Jefferies Financial Group cut Truist Financial from a “buy” rating to a “hold” rating and raised their target price for the company from $48.00 to $55.00 in a research note on Thursday, January 7th. Morgan Stanley raised their target price on Truist Financial from $61.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, January 22nd. Truist lowered Truist Financial from a “buy” rating to a “hold” rating in a report on Thursday, January 7th. Keefe, Bruyette & Woods lowered Truist Financial from an “outperform” rating to a “market perform” rating and raised their price target for the company from $49.00 to $50.00 in a report on Thursday, November 19th. Finally, Raymond James raised their price target on Truist Financial from $46.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, January 7th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $48.60.

Truist Financial Company Profile

Truist Financial Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals 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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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