Tower Bridge Advisors reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 312,138 shares of the insurance provider’s stock after selling 6,106 shares during the period. Truist Financial accounts for about 1.4% of Tower Bridge Advisors’ portfolio, making the stock its 18th largest holding. Tower Bridge Advisors’ holdings in Truist Financial were worth $18,204,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of TFC. Norges Bank acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $647,266,000. Diamond Hill Capital Management Inc. acquired a new position in Truist Financial in the fourth quarter valued at approximately $301,177,000. BlackRock Inc. lifted its holdings in Truist Financial by 4.3% in the first quarter. BlackRock Inc. now owns 93,117,875 shares of the insurance provider’s stock valued at $5,430,635,000 after acquiring an additional 3,823,712 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Truist Financial by 6.8% in the first quarter. JPMorgan Chase & Co. now owns 54,158,323 shares of the insurance provider’s stock valued at $3,158,514,000 after acquiring an additional 3,449,655 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Truist Financial by 63.3% in the fourth quarter. Canada Pension Plan Investment Board now owns 8,196,523 shares of the insurance provider’s stock valued at $392,859,000 after acquiring an additional 3,177,134 shares during the last quarter. Institutional investors and hedge funds own 71.96% of the company’s stock.
A number of research analysts recently commented on the company. Compass Point upped their price objective on Truist Financial from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, May 18th. Stephens upped their price objective on Truist Financial from $54.00 to $66.00 in a report on Tuesday, March 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Truist Financial from $56.00 to $65.00 in a report on Monday, March 15th. Barclays upped their price target on Truist Financial from $59.00 to $64.00 in a research note on Wednesday, April 7th. Finally, JPMorgan Chase & Co. upped their price target on Truist Financial from $60.50 to $63.00 in a research note on Monday, May 3rd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Truist Financial has an average rating of “Hold” and a consensus target price of $58.27.
Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, April 14th. The insurance provider reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.07. Truist Financial had a return on equity of 9.48% and a net margin of 20.04%. The business had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the prior year, the company earned $0.83 earnings per share. The company’s revenue was down 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Co. will post 4.68 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Friday, May 14th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Thursday, May 13th. Truist Financial’s dividend payout ratio (DPR) is presently 47.37%.
In related news, EVP Michael Baron Maguire sold 3,250 shares of the stock in a transaction on Monday, April 19th. The stock was sold at an average price of $58.16, for a total value of $189,020.00. Following the transaction, the executive vice president now owns 7,027 shares of the company’s stock, valued at $408,690.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Case sold 9,851 shares of the stock in a transaction on Wednesday, March 17th. The shares were sold at an average price of $58.39, for a total value of $575,199.89. Following the completion of the transaction, the executive vice president now directly owns 20,583 shares in the company, valued at approximately $1,201,841.37. The disclosure for this sale can be found here. Insiders sold 20,997 shares of company stock worth $1,223,463 in the last three months. 0.37% of the stock is currently owned by corporate insiders.
About Truist Financial
Truist Financial Corporation, a holding 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.
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