Highland Capital Management LLC Sells 7,406 Shares of Truist Financial Co. (NYSE:TFC)

Highland Capital Management LLC trimmed its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,820 shares of the insurance provider's stock after selling 7,406 shares during the period. Highland Capital Management LLC's holdings in Truist Financial were worth $7,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. NewEdge Advisors LLC increased its position in shares of Truist Financial by 0.3% during the 2nd quarter. NewEdge Advisors LLC now owns 148,053 shares of the insurance provider's stock worth $5,752,000 after purchasing an additional 444 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Truist Financial by 17.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 236,352 shares of the insurance provider's stock valued at $9,182,000 after acquiring an additional 34,681 shares during the last quarter. EP Wealth Advisors LLC increased its stake in shares of Truist Financial by 42.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 8,914 shares of the insurance provider's stock worth $346,000 after purchasing an additional 2,664 shares during the last quarter. 3Chopt Investment Partners LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at about $331,000. Finally, New Wave Wealth Advisors LLC bought a new position in Truist Financial during the second quarter worth about $254,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 4,966 shares of the business'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 value of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Truist Financial Price Performance

TFC traded up $0.56 on Thursday, reaching $48.00. The stock had a trading volume of 4,044,066 shares, compared to its average volume of 7,441,543. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $63.71 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.67 and a beta of 1.08. Truist Financial Co. has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The firm has a 50-day moving average of $45.53 and a 200-day moving average of $44.02.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data 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. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The firm's revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend 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 presently 62.46%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Raymond James upped their price objective on Truist Financial from $47.00 to $51.00 and gave the company an "overweight" rating in a research note on Thursday, January 16th. Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Barclays increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. The Goldman Sachs Group upped their price target on shares of Truist Financial from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company upped their target price on Truist Financial from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Eleven investment 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. According to MarketBeat, Truist Financial presently has a consensus rating of "Moderate Buy" and an average price target of $50.79.

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.