Simmons Bank Lowers Stake in Truist Financial Co. (NYSE:TFC)

Simmons Bank cut its stake in Truist Financial Co. (NYSE:TFC) by 25.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,013 shares of the insurance provider’s stock after selling 2,678 shares during the period. Simmons Bank’s holdings in Truist Financial were worth $296,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TFC. North Reef Capital Management LP bought a new position in shares of Truist Financial during the 3rd quarter valued at about $66,804,000. Assenagon Asset Management S.A. lifted its holdings in shares of Truist Financial by 342.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after acquiring an additional 1,955,448 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Truist Financial by 45.1% during the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock valued at $105,102,000 after purchasing an additional 1,141,944 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after purchasing an additional 1,015,338 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.2 %

TFC traded up $0.45 on Wednesday, hitting $39.56. The company had a trading volume of 3,756,408 shares, compared to its average volume of 9,390,680. The stock has a fifty day simple moving average of $37.34 and a 200-day simple moving average of $35.39. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $52.80 billion, a P/E ratio of -29.85, a P/E/G ratio of 2.03 and a beta of 1.07. Truist Financial Co. has a 52-week low of $26.49 and a 52-week high of $40.35.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 EPS. As a group, equities analysts expect that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TFC. Royal Bank of Canada raised their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Piper Sandler lifted their price target on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 22nd. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group upped their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $42.06.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.17% of the company’s stock.

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.