Truist Financial Corporation $TFC Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC trimmed its Truist Financial stake by 4.1% in the fourth quarter, selling 49,356 shares and ending with 1,167,199 shares valued at about $57.4 million.
• Truist Financial reported better-than-expected quarterly results, with EPS of $1.09 versus the $1.00 estimate and revenue of $5.20 billion, up 5% year over year.
• The company also announced a quarterly dividend of $0.52 per share, implying an annual yield of about 4.3%, while analysts currently rate the stock a Moderate Buy with an average price target of $55.59.

HighTower Advisors LLC reduced its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,167,199 shares of the insurance provider's stock after selling 49,356 shares during the period. HighTower Advisors LLC owned approximately 0.09% of Truist Financial worth $57,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Wellington Management Group LLP lifted its stake in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after buying an additional 10,310,523 shares during the period. American Assets Investment Management LLC lifted its stake in shares of Truist Financial by 781.3% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider's stock worth $166,527,000 after buying an additional 3,000,000 shares during the period. Jennison Associates LLC lifted its stake in shares of Truist Financial by 203.1% during the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after buying an additional 2,625,847 shares during the period. Azora Capital LP acquired a new stake in shares of Truist Financial during the third quarter worth $115,417,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in Truist Financial by 164.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock valued at $105,490,000 after purchasing an additional 1,433,934 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Up 2.6%

TFC opened at $48.00 on Thursday. Truist Financial Corporation has a fifty-two week low of $38.27 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a fifty day moving average of $47.79 and a two-hundred day moving average of $48.70. The stock has a market capitalization of $59.80 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.80 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data 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 company had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.18 billion. During the same quarter in the previous year, the company earned $0.87 earnings per share. The firm's revenue for the quarter was up 5.0% on a year-over-year basis. On average, research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. JPMorgan Chase & Co. decreased their target price on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Jefferies Financial Group restated a "mixed" rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. TD Cowen boosted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Finally, Argus boosted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and an average price target of $55.59.

Truist Financial Company 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.

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