Wells Fargo & Company MN Sells 78,898 Shares of Truist Financial Co. (NYSE:TFC)

Wells Fargo & Company MN decreased its position in Truist Financial Co. (NYSE:TFC) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,463,580 shares of the insurance provider’s stock after selling 78,898 shares during the period. Wells Fargo & Company MN’s holdings in Truist Financial were worth $193,630,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bangor Savings Bank lifted its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new position in Truist Financial in the 4th quarter valued at approximately $26,000. Curio Wealth LLC purchased a new stake in Truist Financial during the 4th quarter valued at $45,000. City State Bank increased its holdings in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. bought a new position in shares of Truist Financial during the fourth quarter valued at $55,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

TFC stock opened at $34.80 on Friday. Truist Financial Co. has a 52 week low of $33.71 and a 52 week high of $49.06. The firm has a market capitalization of $45.43 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company has a fifty day simple moving average of $43.97 and a two-hundred day simple moving average of $44.32. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.98%. Truist Financial’s dividend payout ratio is presently 62.46%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Stephens raised their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Citigroup dropped their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.42.

Truist Financial Company 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.