Wright Investors Service Inc. Cuts Stake in Truist Financial Co. (NYSE:TFC)

Wright Investors Service Inc. reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 13.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,745 shares of the insurance provider’s stock after selling 10,033 shares during the period. Wright Investors Service Inc.’s holdings in Truist Financial were worth $2,427,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fairfield Bush & CO. purchased a new position in shares of Truist Financial during the 1st quarter worth about $25,000. OFI Invest Asset Management purchased a new position in shares of Truist Financial during the 3rd quarter worth about $26,000. Operose Advisors LLC acquired a new stake in Truist Financial during the 3rd quarter worth approximately $31,000. Quarry LP acquired a new stake in Truist Financial during the 1st quarter worth approximately $32,000. Finally, Tyler Stone Wealth Management acquired a new stake in Truist Financial during the 3rd quarter worth approximately $33,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research analyst reports. Raymond James increased their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Morgan Stanley increased their target price on shares of Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. UBS Group increased their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, Wells Fargo & Company increased their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $41.47.

Truist Financial Stock Up 0.7 %

Shares of NYSE:TFC traded up $0.25 during midday trading on Thursday, reaching $35.91. The company had a trading volume of 1,611,605 shares, compared to its average volume of 9,612,996. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The stock’s fifty day moving average price is $36.62 and its 200-day moving average price is $34.36. The stock has a market capitalization of $47.93 billion, a P/E ratio of -33.04, a PEG ratio of 2.20 and a beta of 1.08. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter in the previous year, the firm earned $1.30 earnings per share. Equities research analysts expect that Truist Financial Co. will post 3.33 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio is presently -192.59%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Company 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.