KLP Kapitalforvaltning AS Sells 15,600 Shares of Truist Financial Corporation $TFC

KLP Kapitalforvaltning AS lessened its position in Truist Financial Corporation (NYSE:TFC) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 460,396 shares of the insurance provider’s stock after selling 15,600 shares during the period. KLP Kapitalforvaltning AS’s holdings in Truist Financial were worth $22,656,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Alliance Wealth Advisors LLC grew its position in shares of Truist Financial by 1.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock valued at $556,000 after acquiring an additional 205 shares during the period. Private Trust Co. NA boosted its holdings in shares of Truist Financial by 1.2% during the 4th quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider’s stock worth $924,000 after buying an additional 215 shares during the period. Aspiriant LLC boosted its holdings in shares of Truist Financial by 2.3% during the 4th quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock worth $478,000 after buying an additional 219 shares during the period. Aprio Wealth Management LLC boosted its holdings in shares of Truist Financial by 2.7% during the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after buying an additional 226 shares during the period. Finally, Keystone Financial Group Inc. boosted its holdings in shares of Truist Financial by 1.1% during the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock worth $1,070,000 after buying an additional 227 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. 0.15% of the stock is owned by insiders.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $50.93 on Thursday. Truist Financial Corporation has a twelve month low of $36.83 and a twelve month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a 50-day simple moving average of $48.21 and a two-hundred day simple moving average of $47.98. The stock has a market capitalization of $63.20 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the company earned $0.87 EPS. The business’s revenue was up 5.0% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s payout ratio is 51.61%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TFC. Piper Sandler lifted their target price on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, April 17th. JPMorgan Chase & Co. reduced their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $55.41.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.