Atlantic Union Bankshares Corp Reduces Stock Holdings in Truist Financial Co. (NYSE:TFC)

Atlantic Union Bankshares Corp reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,122 shares of the insurance provider’s stock after selling 402 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Truist Financial were worth $1,603,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new stake in Truist Financial in the first quarter worth about $29,000. Operose Advisors LLC bought a new position in Truist Financial in the third quarter worth $31,000. Missouri Trust & Investment Co raised its holdings in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 593 shares in the last quarter. Rise Advisors LLC bought a new position in Truist Financial in the first quarter worth $32,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the third quarter worth $33,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 2.7 %

Shares of NYSE:TFC opened at $38.85 on Friday. The stock has a market capitalization of $51.99 billion, a price-to-earnings ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $37.89 and its two-hundred day simple moving average is $37.13. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $40.51.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period last year, the firm posted $1.09 earnings per share. Analysts expect that Truist Financial Co. will post 3.36 EPS for the current year.

Truist Financial Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on TFC shares. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. JPMorgan Chase & Co. raised their price target on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Jefferies Financial Group raised their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. HSBC raised their price target on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Finally, Piper Sandler raised their price target on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

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.