Harbour Trust & Investment Management Co Sells 298 Shares of Truist Financial Co. (NYSE:TFC)

Harbour Trust & Investment Management Co cut its stake in Truist Financial Co. (NYSE:TFC) by 5.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,906 shares of the insurance provider’s stock after selling 298 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Truist Financial were worth $213,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of TFC. AMF Tjanstepension AB purchased a new stake in Truist Financial during the 3rd quarter valued at about $3,208,000. CWM LLC lifted its position in Truist Financial by 25.9% in the 3rd quarter. CWM LLC now owns 47,534 shares of the insurance provider’s stock valued at $2,033,000 after acquiring an additional 9,769 shares in the last quarter. Wedmont Private Capital boosted its stake in Truist Financial by 10.1% during the 3rd quarter. Wedmont Private Capital now owns 10,370 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 953 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Truist Financial by 281.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 11,166 shares of the insurance provider’s stock worth $477,000 after purchasing an additional 8,241 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Truist Financial by 395.6% in the third quarter. Exchange Traded Concepts LLC now owns 2,007 shares of the insurance provider’s stock worth $86,000 after purchasing an additional 1,602 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TFC shares. UBS Group boosted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley increased their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company boosted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada upped their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Citigroup boosted their price target on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Trading Down 1.0 %

NYSE:TFC opened at $47.68 on Monday. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06. The business’s 50-day simple moving average is $45.53 and its 200 day simple moving average is $44.26. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $63.30 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period in the prior year, the company posted $0.81 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Co. will post 3.98 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. Truist Financial’s payout ratio is currently 62.46%.

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.