Federated Hermes Inc. Reduces Position in Truist Financial Co. (NYSE:TFC)

Federated Hermes Inc. cut its position in Truist Financial Co. (NYSE:TFC) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,000,078 shares of the insurance provider’s stock after selling 194,579 shares during the period. Truist Financial accounts for 0.9% of Federated Hermes Inc.’s investment portfolio, making the stock its 15th largest holding. Federated Hermes Inc. owned approximately 0.75% of Truist Financial worth $369,203,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TFC. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial in the 1st quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $26,000. Operose Advisors LLC purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $31,000. Quarry LP purchased a new position in shares of Truist Financial in the 1st quarter valued at $32,000. Finally, Tyler Stone Wealth Management purchased a new position in shares of Truist Financial in the 3rd quarter valued at $33,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on TFC. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Raymond James raised their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. 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 note on Thursday, January 4th. Barclays raised their target price on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Jefferies Financial Group raised their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.47.

Truist Financial Price Performance

NYSE:TFC traded up $0.23 during mid-day trading on Thursday, hitting $35.89. 1,822,141 shares of the company’s stock traded hands, compared to its average volume of 9,616,812. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s 50 day simple moving average is $36.62 and its 200 day simple moving average is $34.36. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29. The company has a market cap of $47.90 billion, a PE ratio of -33.04, a price-to-earnings-growth ratio of 2.20 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm posted $1.30 EPS. Sell-side analysts expect that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.80%. Truist Financial’s dividend payout ratio (DPR) is currently -192.59%.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction that occurred on Thursday, March 7th. The shares were 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 this link. Insiders own 0.17% of the company’s stock.

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.