Carolinas Wealth Consulting LLC Sells 1,626 Shares of Truist Financial Co. (NYSE:TFC)

Carolinas Wealth Consulting LLC trimmed its stake in shares of Truist Financial Co. (NYSE:TFC) by 15.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,065 shares of the insurance provider’s stock after selling 1,626 shares during the quarter. Carolinas Wealth Consulting LLC’s holdings in Truist Financial were worth $393,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TFC. Capital International Investors raised its stake in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the period. Norges Bank bought a new stake in shares of Truist Financial during the 4th quarter valued at $402,828,000. FMR LLC raised its stake in shares of Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the period. Raymond James Financial Inc. bought a new position in Truist Financial in the 4th quarter worth about $198,051,000. Finally, Northern Trust Corp increased its stake in Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock worth $626,154,000 after acquiring an additional 2,452,239 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. Stephens decreased their target price on Truist Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Piper Sandler decreased their target price on Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Citigroup decreased their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. TD Cowen initiated coverage on Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price on the stock. Finally, Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Nine investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $47.83.

Truist Financial Price Performance

TFC opened at $39.31 on Monday. The stock has a market capitalization of $51.48 billion, a P/E ratio of 11.80, a PEG ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a 50-day moving average price of $38.79 and a 200-day moving average price of $43.09. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued 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 company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period in the prior year, the business posted $0.90 EPS. Equities analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 5.29%. The ex-dividend date is Friday, May 9th. Truist Financial’s dividend 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.