Welch & Forbes LLC Sells 1,295 Shares of Truist Financial Co. (NYSE:TFC)

Welch & Forbes LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 2.9% in the 4th quarter, Holdings Channel reports. The fund owned 43,994 shares of the insurance provider’s stock after selling 1,295 shares during the quarter. Welch & Forbes LLC’s holdings in Truist Financial were worth $1,624,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in TFC. Morton Brown Family Wealth LLC increased its stake in Truist Financial by 236.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 649 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Truist Financial during the 3rd quarter worth $26,000. Criterion Capital Advisors LLC purchased a new position in Truist Financial in the fourth quarter worth $38,000. Operose Advisors LLC bought a new position in Truist Financial in the third quarter valued at $31,000. Finally, Tyler Stone Wealth Management bought a new stake in Truist Financial during the third quarter worth about $33,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock traded up $0.07 during mid-day trading on Wednesday, reaching $39.18. 1,443,862 shares of the company’s stock traded hands, compared to its average volume of 9,366,026. The stock has a 50 day moving average of $37.34 and a two-hundred day moving average of $35.39. Truist Financial Co. has a 12-month low of $26.49 and a 12-month high of $40.35. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a market cap of $52.29 billion, a price-to-earnings ratio of -29.52, a PEG ratio of 2.03 and a beta of 1.07.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company earned $1.09 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. Equities analysts forecast that Truist Financial Co. will post 3.3 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.31%. The ex-dividend date is Thursday, May 9th. Truist Financial’s payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Company upped their target price on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Stephens reaffirmed an “overweight” rating and issued a $43.00 price target on shares of Truist Financial in a research note on Tuesday, April 23rd. Finally, Jefferies Financial Group boosted their target price 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 research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.94.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company 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.