Douglas Lane & Associates LLC Decreases Stock Holdings in Truist Financial Co. (NYSE:TFC)

Douglas Lane & Associates LLC reduced its holdings in shares of Truist Financial Co. (NYSE:TFCGet Rating) by 4.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,123,489 shares of the insurance provider’s stock after selling 51,112 shares during the quarter. Douglas Lane & Associates LLC owned 0.08% of Truist Financial worth $63,702,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Eastover Investment Advisors LLC grew its stake in Truist Financial by 8.1% during the first quarter. Eastover Investment Advisors LLC now owns 14,066 shares of the insurance provider’s stock worth $798,000 after buying an additional 1,050 shares during the period. PFG Private Wealth Management LLC purchased a new stake in Truist Financial during the first quarter worth approximately $111,000. Pendal Group Ltd lifted its position in shares of Truist Financial by 15.5% during the first quarter. Pendal Group Ltd now owns 78,079 shares of the insurance provider’s stock worth $4,427,000 after purchasing an additional 10,492 shares in the last quarter. Transform Wealth LLC lifted its position in shares of Truist Financial by 8.4% during the first quarter. Transform Wealth LLC now owns 36,265 shares of the insurance provider’s stock worth $2,056,000 after purchasing an additional 2,803 shares in the last quarter. Finally, UMB Bank N A MO lifted its position in shares of Truist Financial by 144.2% during the first quarter. UMB Bank N A MO now owns 373,894 shares of the insurance provider’s stock worth $21,200,000 after purchasing an additional 220,763 shares in the last quarter. Institutional investors own 72.79% of the company’s stock.

A number of research analysts have recently commented on TFC shares. StockNews.com cut shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, May 25th. Stephens reduced their target price on shares of Truist Financial from $74.00 to $64.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 7th. Bank of America cut shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research report on Friday, April 8th. Piper Sandler reduced their target price on shares of Truist Financial from $69.00 to $62.00 in a research report on Wednesday, April 20th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $75.00 to $58.00 in a report on Monday, April 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus target price of $62.19.

In other news, Director Steven C. Voorhees bought 20,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was purchased at an average price of $49.82 per share, for a total transaction of $996,400.00. Following the transaction, the director now owns 60,873 shares in the company, valued at $3,032,692.86. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is owned by company insiders.

Shares of NYSE:TFC opened at $48.64 on Wednesday. The stock has a market capitalization of $64.76 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.78 and a beta of 1.14. Truist Financial Co. has a 1-year low of $44.75 and a 1-year high of $68.95. The company’s fifty day moving average is $47.95 and its two-hundred day moving average is $55.57. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.75 and a current ratio of 0.76.

Truist Financial (NYSE:TFCGet Rating) last issued its earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.11. The company had revenue of $5.33 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a net margin of 27.89% and a return on equity of 12.70%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 4.94 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, May 12th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.95%. Truist Financial’s dividend payout ratio (DPR) is 42.86%.

About Truist Financial (Get Rating)

Truist Financial Corporation, a holding 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.

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

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