Icon Wealth Advisors LLC Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Icon Wealth Advisors LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 61.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,434 shares of the insurance provider’s stock after selling 10,262 shares during the period. Icon Wealth Advisors LLC’s holdings in Truist Financial were worth $275,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of TFC. Tradewinds LLC. boosted its holdings in shares of Truist Financial by 0.5% in the third quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after acquiring an additional 222 shares during the period. Capital Investment Counsel Inc lifted its holdings in Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares in the last quarter. Burkett Financial Services LLC boosted its stake in Truist Financial by 26.8% in the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 253 shares during the period. Verum Partners LLC grew its holdings in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares in the last quarter. Finally, CX Institutional increased its position in shares of Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after buying an additional 263 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Up 2.5 %

Shares of TFC stock opened at $47.96 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50-day moving average of $43.68 and a 200 day moving average of $41.53. The stock has a market capitalization of $63.67 billion, a PE ratio of -33.54, a P/E/G ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a 1-year low of $31.23 and a 1-year high of $48.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent analyst reports. UBS Group boosted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Stephens restated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial Company 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.