Wright Investors Service Inc. Sells 10,033 Shares of Truist Financial Co. (NYSE:TFC)

Wright Investors Service Inc. reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 13.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,745 shares of the insurance provider’s stock after selling 10,033 shares during the quarter. Wright Investors Service Inc.’s holdings in Truist Financial were worth $2,427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Fairfield Bush & CO. bought a new position in Truist Financial in the 1st quarter worth approximately $25,000. OFI Invest Asset Management bought a new position in Truist Financial in the 3rd quarter worth approximately $26,000. Operose Advisors LLC bought a new position in Truist Financial in the 3rd quarter worth approximately $31,000. Quarry LP bought a new position in Truist Financial in the 1st quarter worth approximately $32,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling

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

Truist Financial Stock Up 0.7 %

NYSE TFC traded up $0.25 on Thursday, reaching $35.91. The company had a trading volume of 1,611,605 shares, compared to its average volume of 9,612,996. The firm has a market capitalization of $47.93 billion, a price-to-earnings ratio of -33.04, a price-to-earnings-growth ratio of 2.20 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $39.29. The company’s fifty day moving average is $36.62 and its 200-day moving average is $34.36.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same period in the prior year, the business earned $1.30 EPS. On average, research analysts forecast that Truist Financial Co. will post 3.33 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s payout ratio is presently -192.59%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Piper Sandler upped their target price on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. HSBC upped their target price on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Finally, Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $41.47.

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.