Sumitomo Life Insurance Co. Sells 592 Shares of Truist Financial Co. (NYSE:TFC)

Sumitomo Life Insurance Co. lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,240 shares of the insurance provider’s stock after selling 592 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Truist Financial were worth $661,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TFC. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Truist Financial by 48.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock worth $129,000 after purchasing an additional 971 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Truist Financial by 3.5% during the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the period. Cadence Bank increased its position in Truist Financial by 101.6% in the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after buying an additional 93,322 shares during the last quarter. Boston Common Asset Management LLC raised its stake in shares of Truist Financial by 66.4% in the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after buying an additional 61,683 shares during the period. Finally, Independent Advisor Alliance grew its stake in shares of Truist Financial by 10.7% during the 3rd quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock worth $12,087,000 after acquiring an additional 27,408 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

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

Truist Financial Price Performance

Shares of Truist Financial stock opened at $48.02 on Friday. The firm has a market capitalization of $63.75 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.67 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The business’s 50-day moving average price is $45.53 and its 200-day moving average price is $44.02.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $0.81 earnings per share. Sell-side analysts forecast that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.33%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio is presently 62.46%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Citigroup upped their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Piper Sandler raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Stephens raised their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Raymond James boosted their price objective on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $50.79.

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.