The Manufacturers Life Insurance Company Sells 28,158 Shares of Truist Financial Co. (NYSE:TFC)

The Manufacturers Life Insurance Company reduced its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,334,923 shares of the insurance provider's stock after selling 28,158 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.10% of Truist Financial worth $57,909,000 as of its most recent filing with the Securities and Exchange Commission.

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

Truist Financial Trading Up 2.2 %

Shares of Truist Financial stock traded up $0.86 on Friday, hitting $39.45. 7,950,118 shares of the company's stock traded hands, compared to its average volume of 8,171,816. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $51.50 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The firm's 50-day moving average price is $39.48 and its two-hundred day moving average price is $43.45.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting the consensus estimate of $0.87. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date is Friday, May 9th. Truist Financial's dividend payout ratio is currently 61.36%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TFC shares. Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Morgan Stanley cut their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, April 7th. StockNews.com cut Truist Financial from a "hold" rating to a "sell" rating in a report on Monday. Raymond James cut Truist Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Hsbc Global Res upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial 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.