Hartford Financial Management Inc. Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Hartford Financial Management Inc. lessened its holdings in Truist Financial Co. (NYSE:TFC) by 21.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,449 shares of the insurance provider’s stock after selling 950 shares during the period. Hartford Financial Management Inc.’s holdings in Truist Financial were worth $150,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp boosted its position in Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Truist Financial by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock worth $1,169,350,000 after purchasing an additional 456,412 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Truist Financial by 3.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock valued at $403,365,000 after purchasing an additional 288,306 shares in the last quarter. FMR LLC grew its stake in Truist Financial by 10.6% in the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock valued at $213,983,000 after purchasing an additional 478,886 shares during the last quarter. Finally, HighTower Advisors LLC raised its holdings in Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC opened at $48.02 on Friday. The firm’s fifty day moving average is $45.53 and its two-hundred day moving average is $44.02. The firm has a market cap of $63.75 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.68 and a beta of 1.08. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $0.81 earnings per share. Research analysts expect that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.33%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Raymond James lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada upped their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial 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.