Truist Financial Co. (NYSE:TFC) Position Reduced by Wright Investors Service Inc.

Wright Investors Service Inc. lowered its stake in Truist Financial Co. (NYSE:TFC) by 67.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 11,642 shares of the insurance provider’s stock after selling 24,425 shares during the period. Wright Investors Service Inc.’s holdings in Truist Financial were worth $505,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $1,111,000. Dai ichi Life Insurance Company Ltd increased its stake in Truist Financial by 27.0% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 71,538 shares of the insurance provider’s stock valued at $2,779,000 after purchasing an additional 15,230 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Truist Financial by 5.0% during the second quarter. Parallel Advisors LLC now owns 9,843 shares of the insurance provider’s stock worth $382,000 after purchasing an additional 473 shares during the period. Plato Investment Management Ltd lifted its position in shares of Truist Financial by 48.2% in the 2nd quarter. Plato Investment Management Ltd now owns 6,537 shares of the insurance provider’s stock worth $254,000 after buying an additional 2,125 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TFC shares. The Goldman Sachs Group raised their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Barclays increased their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Stephens reiterated an “overweight” rating and issued a $54.00 target price on shares of Truist Financial in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $49.89.

Insider Activity

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Price Performance

NYSE TFC opened at $43.13 on Tuesday. Truist Financial Co. has a 1 year low of $34.23 and a 1 year high of $49.06. The business’s fifty day moving average is $45.38 and its two-hundred day moving average is $43.42. The stock has a market capitalization of $57.26 billion, a P/E ratio of -30.16, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

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.