Sound Income Strategies LLC Decreases Position in Truist Financial Co. (NYSE:TFC)

Sound Income Strategies LLC cut its stake in Truist Financial Co. (NYSE:TFC) by 20.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,742 shares of the insurance provider’s stock after selling 978 shares during the quarter. Sound Income Strategies LLC’s holdings in Truist Financial were worth $146,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Opal Wealth Advisors LLC bought a new position in shares of Truist Financial during the 1st quarter valued at approximately $29,000. Operose Advisors LLC bought a new position in shares of Truist Financial in the third quarter worth approximately $31,000. Missouri Trust & Investment Co increased its stake in shares of 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 purchased a new position in shares of Truist Financial during the 1st quarter valued at $32,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the 3rd quarter worth $33,000. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TFC shares. Barclays began coverage on Truist Financial in a report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target on the stock. UBS Group boosted their target price on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. HSBC raised their price target on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Stephens lifted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Price Performance

Shares of Truist Financial stock traded down $0.16 during trading hours on Wednesday, reaching $36.89. The stock had a trading volume of 7,307,356 shares, compared to its average volume of 8,677,673. The firm has a market capitalization of $49.36 billion, a PE ratio of -27.95, a PEG ratio of 1.95 and a beta of 1.06. The stock’s 50 day moving average is $37.78 and its 200 day moving average is $37.09. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $40.51.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates 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 was down 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 earnings per share. Equities analysts expect that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.64%. The ex-dividend date was Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Truist Financial 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.