Wright Investors Service Inc. Trims Stake in Truist Financial Co. (NYSE:TFC)

Wright Investors Service Inc. trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 67.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,642 shares of the insurance provider's stock after selling 24,425 shares during the period. Wright Investors Service Inc.'s holdings in Truist Financial were worth $505,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Bangor Savings Bank grew its position in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider's stock worth $25,000 after acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial in the third quarter worth approximately $32,000. Fortitude Family Office LLC increased its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider's stock worth $37,000 after buying an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new stake in Truist Financial during the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Up 1.7 %

Truist Financial stock traded up $0.75 during mid-day trading on Tuesday, hitting $43.87. The company had a trading volume of 10,297,829 shares, compared to its average volume of 7,030,866. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The company has a market capitalization of $58.24 billion, a PE ratio of -30.68, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08. The stock's 50 day moving average price is $45.38 and its two-hundred day moving average price is $43.42. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.74%. Truist Financial's payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TFC shares. Barclays boosted 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. Citigroup boosted their price target on Truist Financial from $47.00 to $51.00 and gave the company a "neutral" rating in a report on Monday, November 25th. UBS Group increased their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, October 18th. The Goldman Sachs Group boosted their target price on Truist Financial from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Hsbc Global Res raised Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus price target of $49.89.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 34,180 shares of the stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares of the company's stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by insiders.

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.