Deseret Mutual Benefit Administrators Decreases Stake in Truist Financial Co. (NYSE:TFC)

Deseret Mutual Benefit Administrators lowered its stake in Truist Financial Co. (NYSE:TFC) by 7.6% during the 4th quarter, HoldingsChannel reports. The firm owned 3,234 shares of the insurance provider’s stock after selling 265 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Truist Financial were worth $140,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after buying an additional 2,720,223 shares during the last quarter. KBC Group NV lifted its holdings in Truist Financial by 96.9% in the fourth quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock valued at $88,144,000 after acquiring an additional 999,763 shares during the period. HighTower Advisors LLC boosted its position in Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares during the last quarter. LPL Financial LLC grew its stake in shares of Truist Financial by 21.0% during the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after purchasing an additional 630,628 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Truist Financial during the 3rd quarter valued at about $26,087,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TFC shares. The Goldman Sachs Group raised their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Wells Fargo & Company boosted their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Eleven 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’s stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Price Performance

TFC stock opened at $45.67 on Friday. The company has a market capitalization of $60.62 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a one year low of $34.26 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company’s fifty day moving average price is $45.61 and its 200-day moving average price is $44.47.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion for 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 business’s revenue was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Truist Financial Profile

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.