Bahl & Gaynor Inc. Sells 19,961 Shares of Truist Financial Co. (NYSE:TFC)

Bahl & Gaynor Inc. cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 29.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 46,856 shares of the insurance provider’s stock after selling 19,961 shares during the period. Bahl & Gaynor Inc.’s holdings in Truist Financial were worth $1,730,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. North Reef Capital Management LP bought a new position in shares of Truist Financial during the third quarter valued at $66,804,000. Assenagon Asset Management S.A. increased its holdings in shares of Truist Financial by 342.2% during the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after acquiring an additional 1,955,448 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Truist Financial by 45.1% during the third quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock valued at $105,102,000 after acquiring an additional 1,141,944 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Truist Financial by 3,359.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after acquiring an additional 1,015,338 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Truist Financial by 1,155.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,054,500 shares of the insurance provider’s stock valued at $30,169,000 after buying an additional 970,500 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on TFC shares. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the company from $34.00 to $42.00 in a research report on Tuesday. Piper Sandler increased their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Thursday, January 4th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 22nd. Finally, Barclays raised their target price on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.97.

Truist Financial Stock Up 0.5 %

NYSE TFC opened at $38.17 on Friday. The stock’s 50 day moving average is $36.90 and its 200 day moving average is $34.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $39.29. The stock has a market cap of $50.94 billion, a PE ratio of -28.92, a P/E/G ratio of 2.00 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue was down 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. Research analysts predict that Truist Financial Co. will post 3.27 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 3rd. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.45%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.