1620 Investment Advisors Inc. Has $229,000 Position in Truist Financial Co. (NYSE:TFC)

1620 Investment Advisors Inc. reduced its holdings in Truist Financial Co. (NYSE:TFC) by 14.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,198 shares of the insurance provider’s stock after selling 1,063 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Truist Financial were worth $229,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Delta Asset Management LLC TN grew its position in shares of Truist Financial by 1.0% in the fourth quarter. Delta Asset Management LLC TN now owns 323,386 shares of the insurance provider’s stock valued at $11,939,000 after purchasing an additional 3,206 shares during the last quarter. InterOcean Capital Group LLC grew its position in Truist Financial by 1.1% during the fourth quarter. InterOcean Capital Group LLC now owns 40,950 shares of the insurance provider’s stock worth $1,512,000 after buying an additional 451 shares in the last quarter. Capital Management Associates NY grew its position in Truist Financial by 53.4% during the fourth quarter. Capital Management Associates NY now owns 25,589 shares of the insurance provider’s stock worth $945,000 after buying an additional 8,907 shares in the last quarter. Bard Financial Services Inc. acquired a new stake in Truist Financial during the fourth quarter worth about $487,000. Finally, Brandes Investment Partners LP grew its position in Truist Financial by 25.1% during the fourth quarter. Brandes Investment Partners LP now owns 588,673 shares of the insurance provider’s stock worth $21,734,000 after buying an additional 118,043 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent research reports. HSBC lifted their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Wells Fargo & Company lifted their target price on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 22nd. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, Barclays assumed coverage on Truist Financial in a report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $43.17.

Truist Financial Price Performance

Shares of NYSE:TFC traded down $0.66 during trading on Wednesday, reaching $38.88. The stock had a trading volume of 4,356,597 shares, compared to its average volume of 9,073,199. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The business’s 50-day moving average price is $37.97 and its 200 day moving average price is $36.17. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $40.51. The stock has a market capitalization of $52.03 billion, a PE ratio of -29.61, a P/E/G ratio of 1.94 and a beta of 1.07.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. As a group, equities analysts predict that Truist Financial Co. will post 3.34 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is owned by corporate insiders.

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.