Elevated Capital Advisors LLC Sells 1,197 Shares of Truist Financial Co. (NYSE:TFC)

Elevated Capital Advisors LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 6.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 18,008 shares of the insurance provider’s stock after selling 1,197 shares during the period. Elevated Capital Advisors LLC’s holdings in Truist Financial were worth $770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norden Group LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $2,351,000. Nordea Investment Management AB increased its holdings in shares of Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $516,000. M&G Plc bought a new stake in Truist Financial during the second quarter worth $2,804,000. Finally, Dimensional Fund Advisors LP grew its holdings in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group decreased their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Morgan Stanley upped their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Royal Bank of Canada upped their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Compass Point upped their price objective on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Finally, Argus upped their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Performance

Shares of TFC opened at $43.44 on Thursday. The stock’s 50-day simple moving average is $42.76 and its 200 day simple moving average is $40.41. The stock has a market capitalization of $58.13 billion, a price-to-earnings ratio of -32.91, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.85. Truist Financial Co. has a 52-week low of $27.01 and a 52-week high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm’s quarterly revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. Research analysts forecast that Truist Financial Co. will post 3.57 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.79%. 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.