First Horizon Advisors Inc. reduced its holdings in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 6.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,813 shares of the insurance provider’s stock after selling 7,384 shares during the period. First Horizon Advisors Inc.’s holdings in Truist Financial were worth $6,312,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Hanson & Doremus Investment Management lifted its position in Truist Financial by 456.4% during the 4th quarter. Hanson & Doremus Investment Management now owns 434 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 356 shares during the period. Elmwood Wealth Management Inc. purchased a new position in Truist Financial during the 4th quarter valued at about $25,000. Reilly Financial Advisors LLC bought a new stake in Truist Financial during the 4th quarter valued at about $28,000. Amplius Wealth Advisors LLC bought a new stake in Truist Financial during the 4th quarter valued at about $31,000. Finally, Country Trust Bank increased its stake in Truist Financial by 472.4% during the 4th quarter. Country Trust Bank now owns 561 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 463 shares in the last quarter. 72.79% of the stock is owned by institutional investors.
In related news, Director Steven C. Voorhees bought 10,000 shares of the stock in a transaction dated Friday, March 4th. The shares were purchased at an average price of $59.21 per share, with a total value of $592,100.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by insiders.
Truist Financial (NYSE:TFC – Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.10. Truist Financial had a net margin of 27.89% and a return on equity of 12.70%. The business had revenue of $5.33 billion for the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Analysts expect that Truist Financial Co. will post 4.92 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.90%. The ex-dividend date is Thursday, May 12th. Truist Financial’s dividend payout ratio is currently 42.86%.
TFC has been the subject of a number of analyst reports. Stephens raised their price objective on shares of Truist Financial from $72.00 to $73.50 and gave the company an “overweight” rating in a research note on Wednesday, January 19th. Morgan Stanley reduced their price objective on shares of Truist Financial from $72.00 to $63.00 and set an “equal weight” rating for the company in a research note on Monday, March 28th. StockNews.com initiated coverage on shares of Truist Financial in a research note on Thursday, March 31st. They set a “hold” rating for the company. Piper Sandler reduced their price objective on shares of Truist Financial from $69.00 to $62.00 in a research note on Wednesday, April 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $67.50 to $68.50 and gave the stock a “neutral” rating in a research note on Thursday, January 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $65.38.
About Truist Financial (Get Rating)
Truist Financial Corporation, a holding 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.
- Get a free copy of the StockNews.com research report on Truist Financial (TFC)
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