Welch & Forbes LLC Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Welch & Forbes LLC decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,994 shares of the insurance provider’s stock after selling 1,295 shares during the quarter. Welch & Forbes LLC’s holdings in Truist Financial were worth $1,624,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC increased its position in Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after acquiring an additional 1,731 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock valued at $12,515,000 after buying an additional 117,524 shares during the last quarter. International Assets Investment Management LLC raised its position in Truist Financial by 3,359.6% during the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after buying an additional 1,015,338 shares during the last quarter. Loudon Investment Management LLC lifted its stake in shares of Truist Financial by 18.5% in the 3rd quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock worth $3,759,000 after acquiring an additional 20,490 shares during the period. Finally, Pathstone Family Office LLC increased its stake in shares of Truist Financial by 84.8% during the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after acquiring an additional 44,659 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 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 value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on TFC shares. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. Jefferies Financial Group increased their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Piper Sandler raised 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. Royal Bank of Canada upped their target price on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $41.94.

Truist Financial Trading Up 0.2 %

Truist Financial stock traded up $0.07 during trading on Wednesday, reaching $39.18. The company had a trading volume of 1,443,862 shares, compared to its average volume of 9,366,026. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $52.29 billion, a price-to-earnings ratio of -29.52, a PEG ratio of 2.03 and a beta of 1.07. Truist Financial Co. has a 12-month low of $26.49 and a 12-month high of $40.35. The stock’s 50 day moving average price is $37.34 and its two-hundred day moving average price is $35.39.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 earnings per share. As a group, equities analysts expect that Truist Financial Co. will post 3.3 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm 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 $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.31%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s payout ratio is currently -157.58%.

Truist Financial Company Profile

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.