Norway Savings Bank Sells 1,835 Shares of Truist Financial Co. (NYSE:TFC)

Norway Savings Bank lowered its position in Truist Financial Co. (NYSE:TFCFree Report) by 11.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,709 shares of the insurance provider’s stock after selling 1,835 shares during the quarter. Norway Savings Bank’s holdings in Truist Financial were worth $543,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Moneta Group Investment Advisors LLC raised its position in Truist Financial by 12,034.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after purchasing an additional 20,321,500 shares during the period. Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $553,718,000. Morgan Stanley raised its holdings in shares of Truist Financial by 32.6% in the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock worth $667,443,000 after buying an additional 3,813,439 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Truist Financial by 65.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock worth $258,893,000 after acquiring an additional 2,992,820 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Truist Financial by 31.1% during the 2nd quarter. Franklin Resources Inc. now owns 11,719,243 shares of the insurance provider’s stock valued at $355,679,000 after acquiring an additional 2,781,842 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Truist Financial Stock Down 0.9 %

TFC stock opened at $37.69 on Friday. The firm has a 50-day simple moving average of $36.31 and a two-hundred day simple moving average of $33.25. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial Co. has a one year low of $25.56 and a one year high of $38.55.

Truist Financial (NYSE:TFCGet Free Report) last released its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (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 business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company earned $1.30 earnings per share. As a group, research analysts forecast that Truist Financial Co. will post 3.35 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio (DPR) is presently -192.59%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Royal Bank of Canada boosted their price objective 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. Stephens raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $41.00 to $43.00 in a research report on Tuesday, March 19th. Bank of America raised 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 note on Thursday, January 4th. Finally, Barclays increased their price objective on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.47.

Read Our Latest Stock Analysis on TFC

Truist Financial Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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