Oak Harbor Wealth Partners LLC Cuts Stock Position in Truist Financial Co. (NYSE:TFC)

Oak Harbor Wealth Partners LLC decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,491 shares of the insurance provider’s stock after selling 1,644 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Truist Financial were worth $1,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in shares of Truist Financial by 0.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,497,536 shares of the insurance provider’s stock worth $42,845,000 after purchasing an additional 5,114 shares during the last quarter. US Bancorp DE boosted its stake in shares of Truist Financial by 8.5% in the third quarter. US Bancorp DE now owns 475,844 shares of the insurance provider’s stock worth $13,614,000 after acquiring an additional 37,460 shares during the last quarter. MGO One Seven LLC increased its position in shares of Truist Financial by 10.4% during the third quarter. MGO One Seven LLC now owns 37,134 shares of the insurance provider’s stock worth $1,062,000 after purchasing an additional 3,493 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Truist Financial by 1.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 383,035 shares of the insurance provider’s stock valued at $10,959,000 after purchasing an additional 7,067 shares during the last quarter. Finally, Aspire Private Capital LLC lifted its holdings in Truist Financial by 19.7% in the 3rd quarter. Aspire Private Capital LLC now owns 7,962 shares of the insurance provider’s stock valued at $228,000 after purchasing an additional 1,308 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 2.2 %

TFC traded down $0.85 during mid-day trading on Thursday, hitting $38.04. 1,764,311 shares of the stock were exchanged, compared to its average volume of 8,999,010. The company has a market cap of $50.90 billion, a PE ratio of -28.92, a PEG ratio of 1.97 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm’s fifty day moving average is $38.01 and its two-hundred day moving average is $36.19. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $40.51.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities analysts forecast that Truist Financial Co. will post 3.34 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’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 completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on TFC. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Evercore ISI reiterated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a report on Thursday, May 9th. Barclays started coverage on Truist Financial in a report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 target price on the stock. Stephens lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Finally, StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.17.

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.