Wellington Management Group LLP Reduces Stake in Truist Financial Co. (NYSE:TFC)

Wellington Management Group LLP lessened its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 56.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 116,847 shares of the insurance provider's stock after selling 150,616 shares during the period. Wellington Management Group LLP's holdings in Truist Financial were worth $5,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TFC. FWG Holdings LLC increased its holdings in shares of Truist Financial by 4.3% in the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider's stock valued at $267,000 after purchasing an additional 234 shares during the last quarter. Avestar Capital LLC grew its stake in Truist Financial by 4.1% in the 4th quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider's stock valued at $273,000 after buying an additional 250 shares during the last quarter. Pathway Financial Advisors LLC grew its stake in Truist Financial by 2.2% in the 4th quarter. Pathway Financial Advisors LLC now owns 12,124 shares of the insurance provider's stock valued at $526,000 after buying an additional 260 shares during the last quarter. Nwam LLC grew its stake in Truist Financial by 3.2% in the 4th quarter. Nwam LLC now owns 8,395 shares of the insurance provider's stock valued at $364,000 after buying an additional 263 shares during the last quarter. Finally, Wealth Quarterback LLC grew its position in shares of Truist Financial by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 15,287 shares of the insurance provider's stock worth $663,000 after purchasing an additional 266 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TFC. Piper Sandler decreased their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Keefe, Bruyette & Woods reduced their price target on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Barclays reduced their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.83.

Truist Financial Stock Up 2.6%

TFC traded up $1.03 during mid-day trading on Friday, reaching $40.66. 5,710,238 shares of the stock were exchanged, compared to its average volume of 8,308,652. Truist Financial Co. has a 1 year low of $33.56 and a 1 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 stock has a market capitalization of $53.25 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. The company has a 50 day moving average price of $38.43 and a two-hundred day moving average price of $42.67.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the previous year, the company earned $0.90 earnings per share. As a group, research analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.12%. Truist Financial's payout ratio is presently 61.36%.

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.