SouthState Corp Lowers Stake in Truist Financial Co. (NYSE:TFC)

SouthState Corp lessened its holdings in Truist Financial Co. (NYSE:TFC) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,034 shares of the insurance provider’s stock after selling 2,584 shares during the period. SouthState Corp’s holdings in Truist Financial were worth $998,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Morton Brown Family Wealth LLC raised its stake in shares of Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after buying an additional 649 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Truist Financial during the third quarter worth about $26,000. Criterion Capital Advisors LLC acquired a new position in shares of Truist Financial during the 4th quarter worth about $38,000. Operose Advisors LLC acquired a new stake in Truist Financial in the 3rd quarter worth about $31,000. Finally, Tyler Stone Wealth Management acquired a new position in shares of Truist Financial during the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 1.3 %

TFC traded up $0.50 during trading hours on Friday, hitting $38.85. 7,207,531 shares of the company’s stock were exchanged, compared to its average volume of 9,487,574. The firm has a market cap of $51.85 billion, a P/E ratio of -29.43, a price-to-earnings-growth ratio of 1.99 and a beta of 1.07. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a 50 day moving average of $37.08 and a 200 day moving average of $35.07.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned $1.09 earnings per share. Analysts predict that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research note on Monday, April 22nd. Jefferies Financial Group upped their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Piper Sandler raised their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Finally, Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Insider Buying and Selling

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

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.