Fiduciary Trust Co. trimmed its position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 1.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 53,566 shares of the insurance provider’s stock after selling 959 shares during the quarter. Fiduciary Trust Co.’s holdings in Truist Financial were worth $3,136,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Calamos Advisors LLC increased its stake in Truist Financial by 2.2% in the 4th quarter. Calamos Advisors LLC now owns 292,818 shares of the insurance provider’s stock worth $17,144,000 after purchasing an additional 6,295 shares during the period. Deprince Race & Zollo Inc. grew its position in shares of Truist Financial by 2.6% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 663,056 shares of the insurance provider’s stock worth $38,888,000 after buying an additional 16,976 shares during the last quarter. AE Wealth Management LLC grew its position in shares of Truist Financial by 17.4% in the 4th quarter. AE Wealth Management LLC now owns 132,881 shares of the insurance provider’s stock worth $7,780,000 after buying an additional 19,705 shares during the last quarter. Americana Partners LLC bought a new stake in shares of Truist Financial in the 4th quarter worth approximately $256,000. Finally, Parkside Investments LLC grew its position in shares of Truist Financial by 2.9% in the 4th quarter. Parkside Investments LLC now owns 108,315 shares of the insurance provider’s stock worth $6,341,000 after buying an additional 3,076 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on TFC. Morgan Stanley dropped their price target on Truist Financial from $72.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Monday, March 28th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $75.00 to $58.00 in a research report on Monday, April 11th. Bank of America lowered Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price target on the stock. in a research report on Friday, April 8th. StockNews.com lowered Truist Financial from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Piper Sandler lowered their price objective on Truist Financial from $69.00 to $62.00 in a research note on Wednesday, April 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $65.25.
Truist Financial (NYSE:TFC – Get Rating) last posted its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.11. The firm had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a return on equity of 12.70% and a net margin of 27.89%. The company’s revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.18 earnings per share. As a group, analysts anticipate that Truist Financial Co. will post 4.92 earnings per share for the current year.
The business 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 4.10%. The ex-dividend date of this dividend is Thursday, May 12th. Truist Financial’s dividend payout ratio is presently 42.86%.
In other Truist Financial news, Director Steven C. Voorhees acquired 10,000 shares of the company’s stock in a transaction dated Friday, March 4th. The stock was purchased at an average price of $59.21 per share, with a total value of $592,100.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven C. Voorhees acquired 20,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was acquired at an average cost of $49.82 per share, with a total value of $996,400.00. Following the purchase, the director now owns 60,873 shares of the company’s stock, valued at $3,032,692.86. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.
Truist Financial Company Profile (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.
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