Bessemer Group Inc. Sells 710,555 Shares of Truist Financial Co. (NYSE:TFC)

Bessemer Group Inc. decreased its holdings in Truist Financial Co. (NYSE:TFC) by 26.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,989,688 shares of the insurance provider’s stock after selling 710,555 shares during the quarter. Bessemer Group Inc.’s holdings in Truist Financial were worth $86,312,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. raised its stake in Truist Financial by 48.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after buying an additional 971 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after acquiring an additional 50,637 shares during the period. Country Club Bank increased its position in Truist Financial by 719.8% during the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock valued at $1,973,000 after acquiring an additional 39,949 shares during the last quarter. David Wealth Management LLC purchased a new stake in shares of Truist Financial during the 4th quarter valued at about $2,354,000. Finally, Glass Wealth Management Co LLC lifted its stake in shares of Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock worth $2,949,000 after purchasing an additional 5,900 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TFC shares. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, April 3rd. JPMorgan Chase & Co. lowered their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Wells Fargo & Company reduced their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Raymond James cut shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.22.

Truist Financial Stock Up 9.0 %

NYSE:TFC opened at $38.06 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a market cap of $49.68 billion, a PE ratio of 11.43, a P/E/G ratio of 1.63 and a beta of 0.91. The company’s 50 day moving average is $42.83 and its two-hundred day moving average is $44.09.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $5.05 billion. During the same period in the prior year, the firm earned $0.81 EPS. The firm’s revenue was up 3.4% on a year-over-year basis. Analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.47%. Truist Financial’s payout ratio is currently 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.