First National Trust Co Cuts Stock Position in Truist Financial Co. (NYSE:TFC)

First National Trust Co lowered its holdings in Truist Financial Co. (NYSE:TFC) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,486 shares of the insurance provider’s stock after selling 6,118 shares during the period. First National Trust Co’s holdings in Truist Financial were worth $3,562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in Truist Financial by 0.3% in the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Truist Financial by 5.0% during the 3rd quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock valued at $440,162,000 after buying an additional 732,801 shares during the last quarter. Morgan Stanley lifted its position in shares of Truist Financial by 0.3% during the 3rd quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after buying an additional 39,510 shares during the last quarter. Truist Financial Corp lifted its position in shares of Truist Financial by 0.5% during the 3rd quarter. Truist Financial Corp now owns 5,197,904 shares of the insurance provider’s stock valued at $148,712,000 after buying an additional 26,972 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Truist Financial by 45.1% during the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock valued at $105,102,000 after buying an additional 1,141,944 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Stephens reiterated an “overweight” rating and set a $43.00 price objective on shares of Truist Financial in a research note on Tuesday, April 23rd. Piper Sandler boosted their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Finally, Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

NYSE TFC traded up $0.50 during trading on Friday, reaching $38.85. The company’s stock had a trading volume of 8,081,419 shares, compared to its average volume of 8,655,990. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $51.85 billion, a PE ratio of -29.43, a P/E/G ratio of 2.01 and a beta of 1.07. The firm has a fifty day moving average of $37.16 and a 200 day moving average of $35.14. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29.

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

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

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.