First National Trust Co Sells 26,632 Shares of Truist Financial Corporation $TFC

Key Points

• First National Trust Co cut its Truist Financial stake by 32.6% in the fourth quarter, selling 26,632 shares and leaving it with 54,943 shares valued at about $2.7 million.
• Truist Financial reported better-than-expected first-quarter earnings, posting $1.09 per share versus the $1.00 estimate, while revenue of $5.20 billion also slightly topped forecasts.
• The company declared a quarterly dividend of $0.52 per share, implying an annualized yield of 4.3%, and analysts currently rate the stock a Moderate Buy with an average target price of $55.59.

First National Trust Co reduced its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 32.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 54,943 shares of the insurance provider's stock after selling 26,632 shares during the quarter. First National Trust Co's holdings in Truist Financial were worth $2,704,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TFC. Independent Advisor Alliance lifted its position in shares of Truist Financial by 9.7% during the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider's stock valued at $15,046,000 after acquiring an additional 29,191 shares during the period. Cullen Capital Management LLC lifted its position in shares of Truist Financial by 10.3% during the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider's stock valued at $209,936,000 after acquiring an additional 427,067 shares during the period. Oppenheimer & Co. Inc. lifted its position in shares of Truist Financial by 18.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider's stock valued at $7,728,000 after acquiring an additional 26,530 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider's stock valued at $19,285,000 after acquiring an additional 10,706 shares during the period. Finally, Versor Investments LP lifted its position in shares of Truist Financial by 64.4% during the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider's stock valued at $1,143,000 after acquiring an additional 9,800 shares during the period. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. Morgan Stanley lowered their price objective on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Robert W. Baird downgraded shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Finally, Evercore restated an "outperform" rating on shares of Truist Financial in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Trading Up 0.1%

Shares of Truist Financial stock opened at $48.45 on Monday. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19. The company has a market cap of $60.37 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 0.83 and a beta of 0.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company's 50-day moving average price is $47.87 and its 200-day moving average price is $48.75.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period last year, the firm posted $0.87 earnings per share. Truist Financial's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.3%. Truist Financial's payout ratio is 51.61%.

Truist Financial 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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.