Bessemer Group Inc. Sells 90,952 Shares of Truist Financial Corporation $TFC

Bessemer Group Inc. lowered its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,803,027 shares of the insurance provider’s stock after selling 90,952 shares during the period. Bessemer Group Inc. owned approximately 0.14% of Truist Financial worth $88,729,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Thrivent Financial for Lutherans raised its holdings in Truist Financial by 33.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 80,412 shares of the insurance provider’s stock worth $3,961,000 after buying an additional 20,340 shares during the last quarter. Conning Inc. raised its holdings in shares of Truist Financial by 18.2% during the fourth quarter. Conning Inc. now owns 6,278 shares of the insurance provider’s stock valued at $309,000 after purchasing an additional 966 shares during the last quarter. Johnson & White Wealth Management LLC purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $200,000. Western Wealth Management LLC purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $210,000. Finally, Freemont Management S.A. raised its holdings in shares of Truist Financial by 197.3% during the fourth quarter. Freemont Management S.A. now owns 65,700 shares of the insurance provider’s stock valued at $3,233,000 after purchasing an additional 43,600 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the subject of a number of research reports. 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. TD Cowen upped their target price on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Morgan Stanley reduced their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Finally, Argus upped their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Stock Performance

TFC opened at $46.93 on Friday. The firm has a market cap of $58.47 billion, a P/E ratio of 11.65, a PEG ratio of 0.81 and a beta of 0.92. Truist Financial Corporation has a 1-year low of $38.27 and a 1-year high of $56.19. The company has a 50 day simple moving average of $47.78 and a two-hundred day simple moving average of $48.60. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. Equities analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Truist Financial Company 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.