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

Allspring Global Investments Holdings LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 3.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 71,483 shares of the insurance provider’s stock after selling 2,820 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Truist Financial were worth $2,786,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after buying an additional 1,458,248 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock worth $440,162,000 after buying an additional 732,801 shares during the period. Morgan Stanley grew its holdings in shares of Truist Financial by 0.3% during the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after buying an additional 39,510 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Truist Financial by 11.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock valued at $322,395,000 after acquiring an additional 883,416 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 0.8 %

NYSE:TFC opened at $39.56 on Wednesday. The company has a fifty day moving average of $37.92 and a two-hundred day moving average of $37.17. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $40.51. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $1.09 EPS. Truist Financial’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.26%. The ex-dividend date was Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

Analysts Set New Price Targets

A number of analysts have commented on TFC shares. HSBC lifted their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Stephens lifted their target price on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Evercore ISI reissued an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. Jefferies Financial Group lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.17.

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.