Canandaigua National Bank & Trust Co. Trims Holdings in Truist Financial Co. (NYSE:TFC)

Canandaigua National Bank & Trust Co. reduced its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.2% during the 4th quarter, HoldingsChannel reports. The firm owned 30,655 shares of the insurance provider’s stock after selling 1,012 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Truist Financial were worth $1,330,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Larson Financial Group LLC raised its stake in Truist Financial by 22.8% during the 2nd quarter. Larson Financial Group LLC now owns 2,454 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 456 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Truist Financial by 10.9% during the second quarter. Victory Capital Management Inc. now owns 457,653 shares of the insurance provider’s stock worth $17,780,000 after purchasing an additional 44,800 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Truist Financial by 1.2% during the second quarter. Private Advisor Group LLC now owns 74,756 shares of the insurance provider’s stock worth $2,904,000 after purchasing an additional 916 shares during the period. Savant Capital LLC grew its position in Truist Financial by 10.7% in the 2nd quarter. Savant Capital LLC now owns 64,436 shares of the insurance provider’s stock valued at $2,503,000 after buying an additional 6,220 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in Truist Financial by 3,224.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 224,404 shares of the insurance provider’s stock valued at $8,718,000 after buying an additional 217,654 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on TFC. Barclays raised their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday. The Goldman Sachs Group boosted their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Compass Point raised their price target on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods lifted 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. Finally, Piper Sandler increased their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and an average price target of $49.39.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Truist Financial Trading Up 0.0 %

Shares of TFC opened at $44.11 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 1-year low of $34.23 and a 1-year high of $49.06. The stock has a market cap of $58.56 billion, a price-to-earnings ratio of -30.85, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08. The firm has a 50 day simple moving average of $45.31 and a 200-day simple moving average of $43.20.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Equities analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.72%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

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.