Wealth Enhancement Advisory Services LLC Sells 143,111 Shares of Truist Financial Corporation (NYSE:TFC)

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 16.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 709,902 shares of the insurance provider’s stock after selling 143,111 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.05% of Truist Financial worth $29,212,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Capital International Investors grew its holdings in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the period. Norges Bank bought a new position in Truist Financial during the fourth quarter valued at $402,828,000. FMR LLC grew its holdings in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the period. Raymond James Financial Inc. bought a new position in Truist Financial during the fourth quarter valued at $198,051,000. Finally, Northern Trust Corp grew its holdings in Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after purchasing an additional 2,452,239 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 1.1%

Shares of TFC stock opened at $40.25 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a market capitalization of $52.71 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.48 and a beta of 0.84. The business’s fifty day moving average is $39.09 and its 200 day moving average is $42.15.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the business posted $0.90 earnings per share. On average, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.17%. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TFC shares. Keefe, Bruyette & Woods reduced their price objective on Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Piper Sandler reduced their price objective on Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Barclays reduced their price objective on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Argus set a $43.00 price objective on Truist Financial in a report on Monday, April 21st. Finally, Stephens cut their price target on Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $47.83.

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.