Laurel Wealth Advisors LLC Sells 1,648 Shares of Truist Financial Co. (NYSE:TFC)

Laurel Wealth Advisors LLC cut its position in Truist Financial Co. (NYSE:TFC) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,408 shares of the insurance provider’s stock after selling 1,648 shares during the quarter. Laurel Wealth Advisors LLC’s holdings in Truist Financial were worth $1,935,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TFC. Norges Bank bought a new position in Truist Financial in the fourth quarter valued at about $307,787,000. Parnassus Investments LLC bought a new position in Truist Financial in the fourth quarter valued at about $95,049,000. North Reef Capital Management LP bought a new position in Truist Financial in the third quarter valued at about $66,804,000. Assenagon Asset Management S.A. raised its position in Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after purchasing an additional 1,955,448 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. UBS Group increased their price target on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research note on Monday, April 22nd. Citigroup increased their price target on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Wells Fargo & Company increased their price target on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.97.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.5 %

Truist Financial stock traded up $0.20 during mid-day trading on Friday, reaching $38.17. The stock had a trading volume of 4,651,351 shares, compared to its average volume of 8,494,242. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The stock’s 50-day simple moving average is $36.90 and its 200-day simple moving average is $34.82. The firm has a market capitalization of $50.94 billion, a PE ratio of -28.92, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Co. will post 3.27 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.45%. Truist Financial’s dividend payout ratio is presently -157.58%.

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.