Truist Financial Co. (NYSE:TFC) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,303 shares of the insurance provider’s stock after selling 2,196 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Truist Financial were worth $2,743,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Busey Bank lifted its stake in Truist Financial by 6.1% during the fourth quarter. Busey Bank now owns 18,630 shares of the insurance provider’s stock valued at $688,000 after purchasing an additional 1,074 shares during the last quarter. United Capital Management of KS Inc. lifted its position in shares of Truist Financial by 0.9% in the 4th quarter. United Capital Management of KS Inc. now owns 103,905 shares of the insurance provider’s stock valued at $3,836,000 after acquiring an additional 940 shares in the last quarter. BSW Wealth Partners lifted its position in shares of Truist Financial by 3.0% in the 4th quarter. BSW Wealth Partners now owns 12,216 shares of the insurance provider’s stock valued at $451,000 after acquiring an additional 353 shares in the last quarter. Bleakley Financial Group LLC lifted its position in shares of Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after acquiring an additional 1,731 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Truist Financial in the 4th quarter valued at approximately $105,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of TFC opened at $36.80 on Friday. The company’s fifty day moving average is $36.64 and its 200-day moving average is $34.49. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $39.29. The firm has a market cap of $49.11 billion, a price-to-earnings ratio of -34.07, a price-to-earnings-growth ratio of 2.20 and a beta of 1.08. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, topping 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 company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the business posted $1.30 EPS. Equities analysts expect that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.65%. Truist Financial’s payout ratio is presently -192.59%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TFC. Jefferies Financial Group upped 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 target on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, January 4th. Piper Sandler increased their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Finally, Stephens upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $43.00 in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.47.

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.