Laurel Wealth Advisors LLC Sells 1,648 Shares of Truist Financial Co. (NYSE:TFC)

Laurel Wealth Advisors LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 3.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 52,408 shares of the insurance provider’s stock after selling 1,648 shares during the period. Laurel Wealth Advisors LLC’s holdings in Truist Financial were worth $1,935,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after acquiring an additional 365,871 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after buying an additional 1,458,248 shares during the period. Royal Bank of Canada lifted its holdings 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 period. Morgan Stanley lifted its holdings 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 period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Truist Financial by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock valued at $322,395,000 after buying an additional 883,416 shares during the period. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

TFC has been the topic of several research analyst reports. Royal Bank of Canada increased their price target on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Raymond James raised their target price on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. UBS Group increased their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.97.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial 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 transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.20 during trading on Friday, reaching $38.17. 4,651,351 shares of the stock traded hands, compared to its average volume of 8,494,242. The company has a market capitalization of $50.94 billion, a price-to-earnings ratio of -28.92, a P/E/G ratio of 2.00 and a beta of 1.08. The business has a fifty day simple moving average of $36.90 and a two-hundred day simple moving average of $34.82. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $39.29.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share 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 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 business’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 3.27 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.45%. Truist Financial’s dividend payout ratio is currently -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.