Franklin Resources Inc. Sells 1,597,961 Shares of Truist Financial Co. (NYSE:TFC)

Franklin Resources Inc. lowered its holdings in Truist Financial Co. (NYSE:TFC) by 14.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,295,135 shares of the insurance provider’s stock after selling 1,597,961 shares during the period. Franklin Resources Inc. owned approximately 0.70% of Truist Financial worth $343,176,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Operose Advisors LLC acquired a new stake in shares of Truist Financial during the third quarter worth $31,000. Missouri Trust & Investment Co grew its holdings in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 593 shares during the period. Tyler Stone Wealth Management bought a new position in shares of Truist Financial in the third quarter valued at $33,000. Morton Brown Family Wealth LLC lifted its stake in shares of Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares in the last quarter. Finally, Northwest Financial Advisors bought a new position in shares of Truist Financial in the fourth quarter valued at $34,000. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Trading Down 1.4 %

Shares of TFC traded down $0.56 during trading hours on Wednesday, reaching $38.98. 1,102,941 shares of the company traded hands, compared to its average volume of 9,039,183. The firm has a market cap of $52.16 billion, a price-to-earnings ratio of -29.95, a PEG ratio of 1.94 and a beta of 1.07. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $40.51. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock’s fifty day moving average price is $37.97 and its 200 day moving average price is $36.17.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Co. will post 3.34 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.34%. Truist Financial’s dividend payout ratio is presently -157.58%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. UBS Group lifted their target price on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Stephens upped their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Evercore ISI reiterated an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a report on Thursday, May 9th. Finally, Piper Sandler upped their price target on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

About Truist Financial

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.