Forsta AP Fonden Sells 13,200 Shares of Truist Financial Co. (NYSE:TFC)

Forsta AP Fonden reduced its stake in shares of Truist Financial Co. (NYSE:TFCGet Rating) by 4.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 262,000 shares of the insurance provider’s stock after selling 13,200 shares during the period. Forsta AP Fonden’s holdings in Truist Financial were worth $14,855,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Elmwood Wealth Management Inc. purchased a new position in shares of Truist Financial in the 4th quarter worth approximately $25,000. Fairfield Bush & CO. purchased a new position in shares of Truist Financial in the 1st quarter worth approximately $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter worth approximately $26,000. Cyrus J. Lawrence LLC purchased a new position in shares of Truist Financial in the 1st quarter worth approximately $27,000. Finally, Delos Wealth Advisors LLC lifted its stake in Truist Financial by 108.9% in the fourth quarter. Delos Wealth Advisors LLC now owns 518 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 270 shares during the last quarter. 72.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Jefferies Financial Group dropped their price objective on Truist Financial from $56.00 to $51.00 in a research note on Monday, July 11th. Wolfe Research dropped their price objective on Truist Financial from $57.00 to $41.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. Stephens dropped their price objective on Truist Financial from $74.00 to $64.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 7th. Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research report on Friday, April 8th. Finally, Barclays dropped their target price on Truist Financial to $61.00 in a research report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $57.58.

Truist Financial Trading Up 1.7 %

Truist Financial stock opened at $50.10 on Friday. The stock has a market cap of $66.45 billion, a P/E ratio of 11.36, a PEG ratio of 2.15 and a beta of 1.12. Truist Financial Co. has a fifty-two week low of $44.68 and a fifty-two week high of $68.95. The firm’s fifty day moving average price is $48.14 and its 200-day moving average price is $53.49. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.75 and a current ratio of 0.76.

Truist Financial (NYSE:TFCGet Rating) last released its quarterly earnings results on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Truist Financial had a net margin of 27.25% and a return on equity of 12.14%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 earnings per share. Equities research analysts forecast that Truist Financial Co. will post 4.96 earnings per share for the current fiscal year.

Truist Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend is Thursday, August 11th. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. Truist Financial’s dividend payout ratio is currently 43.54%.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total value of $6,813,714.68. Following the transaction, the chief executive officer now owns 862,590 shares of the company’s stock, valued at $41,214,550.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by insiders.

Truist Financial Company Profile

(Get Rating)

Truist Financial Corporation, a holding 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.

See Also

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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