Convergence Financial LLC Sells 3,203 Shares of Truist Financial Co. (NYSE:TFC)

Convergence Financial LLC trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 30.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,283 shares of the insurance provider’s stock after selling 3,203 shares during the quarter. Convergence Financial LLC’s holdings in Truist Financial were worth $311,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Crewe Advisors LLC bought a new position in shares of Truist Financial in the first quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial in the second quarter valued at about $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial during the 2nd quarter worth about $31,000. Hobbs Group Advisors LLC bought a new stake in Truist Financial during the 2nd quarter worth about $38,000. Finally, Beacon Capital Management LLC raised its holdings in Truist Financial by 57.4% during the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 370 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on TFC shares. 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. Keefe, Bruyette & Woods upped their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Argus upped their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Trading Down 1.8 %

Shares of Truist Financial stock opened at $42.63 on Friday. Truist Financial Co. has a 12-month low of $27.38 and a 12-month high of $45.31. The stock has a market cap of $57.04 billion, a P/E ratio of -32.30, a P/E/G ratio of 1.84 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $42.78 and its 200-day moving average is $40.43.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -157.58%.

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.