Truist Financial Co. (NYSE:TFC) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its holdings in Truist Financial Co. (NYSE:TFC) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,459,593 shares of the insurance provider’s stock after selling 55,593 shares during the period. Rhumbline Advisers’ holdings in Truist Financial were worth $106,697,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TFC. AMF Tjanstepension AB purchased a new position in shares of Truist Financial in the third quarter valued at approximately $3,208,000. Exchange Traded Concepts LLC lifted its position 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 valued at $86,000 after acquiring an additional 1,602 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Truist Financial by 1.9% in the third quarter. Vontobel Holding Ltd. now owns 22,317 shares of the insurance provider’s stock valued at $954,000 after acquiring an additional 426 shares in the last quarter. Good Life Advisors LLC lifted its position in shares of Truist Financial by 20.2% in the third quarter. Good Life Advisors LLC now owns 12,759 shares of the insurance provider’s stock valued at $546,000 after acquiring an additional 2,143 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its position in shares of Truist Financial by 3.0% in the third quarter. Global Retirement Partners LLC now owns 55,599 shares of the insurance provider’s stock valued at $2,378,000 after acquiring an additional 1,638 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at $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. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFC. Wells Fargo & Company raised 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. The Goldman Sachs Group raised their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Barclays lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, Raymond James lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

Truist Financial Price Performance

NYSE:TFC opened at $46.80 on Friday. Truist Financial Co. has a 52 week low of $34.26 and a 52 week high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $62.13 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.69 and a beta of 1.08. The stock’s fifty day moving average is $45.53 and its two-hundred day moving average is $44.35.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Truist Financial Co. will post 3.98 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.44%. Truist Financial’s payout ratio is presently 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.