ZWJ Investment Counsel Inc. Decreases Stake in Truist Financial Co. (NYSE:TFC)

ZWJ Investment Counsel Inc. lowered its position in Truist Financial Co. (NYSE:TFC) by 1.9% in the 4th quarter, HoldingsChannel reports. The fund owned 47,949 shares of the insurance provider’s stock after selling 914 shares during the period. ZWJ Investment Counsel Inc.’s holdings in Truist Financial were worth $1,770,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in Truist Financial in the 1st quarter worth about $25,000. OFI Invest Asset Management purchased a new stake in Truist Financial in the 3rd quarter worth about $26,000. Operose Advisors LLC purchased a new position in Truist Financial during the 3rd quarter valued at about $31,000. Quarry LP purchased a new position in Truist Financial during the 1st quarter valued at about $32,000. Finally, Tyler Stone Wealth Management purchased a new position in Truist Financial during the 3rd quarter valued at about $33,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC traded up $1.09 during mid-day trading on Friday, reaching $36.80. The stock had a trading volume of 10,303,835 shares, compared to its average volume of 9,680,285. The firm has a 50 day moving average price of $36.64 and a two-hundred day moving average price of $34.44. The stock has a market capitalization of $49.11 billion, a P/E ratio of -34.07, a P/E/G ratio of 2.20 and a beta of 1.08. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. 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 (NYSE:TFC) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same period in the previous year, the firm earned $1.30 earnings per share. As a group, analysts expect that Truist Financial Co. will post 3.33 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.65%. Truist Financial’s dividend payout ratio is currently -192.59%.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. HSBC lifted their target price on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Jefferies Financial Group lifted their target price on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, April 5th. Piper Sandler lifted their target price on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Finally, Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $41.47.

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.