Wesbanco Bank Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 35.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 179,871 shares of the insurance provider’s stock after selling 99,367 shares during the quarter. Wesbanco Bank Inc.’s holdings in Truist Financial were worth $5,146,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in TFC. Fairfield Bush & CO. acquired a new stake in Truist Financial during the 1st quarter valued at $25,000. OFI Invest Asset Management purchased a new position in shares of Truist Financial during the 3rd quarter valued at $26,000. Operose Advisors LLC purchased a new position in shares of Truist Financial during the 3rd quarter valued at $31,000. Quarry LP purchased a new position in shares of Truist Financial during the 1st quarter valued at $32,000. Finally, Tyler Stone Wealth Management purchased a new position in shares of Truist Financial during the 3rd quarter valued at $33,000. 71.11% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Truist Financial
In other news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.
Truist Financial Price Performance
Shares of NYSE TFC traded down $1.42 during mid-day trading on Thursday, hitting $35.03. 10,928,372 shares of the stock were exchanged, compared to its average volume of 9,998,938. The company has a market cap of $46.75 billion, a P/E ratio of -32.44, a PEG ratio of 1.59 and a beta of 1.07. The stock’s fifty day simple moving average is $36.45 and its two-hundred day simple moving average is $32.98. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $38.47.
Truist Financial (NYSE:TFC – Get Free Report) last posted its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.13. The company had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter last year, the business posted $1.30 earnings per share. As a group, analysts forecast that Truist Financial Co. will post 3.35 EPS for the current fiscal year.
Truist Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.94%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s payout ratio is -192.59%.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday. Raymond James upped their price target on shares of Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 5th. UBS Group upped their price target on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Morgan Stanley upped their price target on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Finally, Odeon Capital Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price target for the company in a report on Thursday, December 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.14.
Read Our Latest Stock Analysis on TFC
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.
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