Lincoln National Corp Reduces Stake in Truist Financial Co. (NYSE:TFC)

Lincoln National Corp trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC) by 7.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,946 shares of the insurance provider’s stock after selling 5,323 shares during the period. Lincoln National Corp’s holdings in Truist Financial were worth $2,287,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TFC. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Truist Financial by 0.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 513,851 shares of the insurance provider’s stock worth $14,701,000 after buying an additional 2,634 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Truist Financial by 10.3% in the third quarter. Mackenzie Financial Corp now owns 152,687 shares of the insurance provider’s stock valued at $4,152,000 after buying an additional 14,230 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of Truist Financial by 3.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 280,475 shares of the insurance provider’s stock worth $8,024,000 after buying an additional 9,926 shares during the period. Washington Capital Management Inc. acquired a new position in Truist Financial during the third quarter worth $343,000. Finally, NBT Bank N A NY increased its stake in shares of Truist Financial by 2.9% during the third quarter. NBT Bank N A NY now owns 12,781 shares of the insurance provider’s stock worth $366,000 after purchasing an additional 366 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of TFC stock traded down $0.04 during mid-day trading on Wednesday, hitting $39.07. 1,109,530 shares of the stock were exchanged, compared to its average volume of 9,362,285. Truist Financial Co. has a 12-month low of $26.49 and a 12-month high of $40.35. 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 stock has a market capitalization of $52.14 billion, a price-to-earnings ratio of -29.52, a P/E/G ratio of 2.03 and a beta of 1.07. The stock’s fifty day simple moving average is $37.34 and its two-hundred day simple moving average is $35.39.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.32%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Analyst Upgrades and Downgrades

A number of research firms have commented on TFC. HSBC lifted their target price on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Jefferies Financial Group lifted their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Royal Bank of Canada upped their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Stephens reiterated an “overweight” rating and issued a $43.00 target price on shares of Truist Financial in a report on Tuesday, April 23rd. Finally, TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.94.

Insider Buying and Selling

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