McKinley Carter Wealth Services Inc. lessened its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 25.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 10,064 shares of the insurance provider’s stock after selling 3,511 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Truist Financial were worth $343,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in TFC. Linden Thomas Advisory Services LLC increased its stake in Truist Financial by 15.2% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 24,956 shares of the insurance provider’s stock valued at $851,000 after purchasing an additional 3,298 shares in the last quarter. Mackenzie Financial Corp increased its stake in Truist Financial by 9.3% during the 1st quarter. Mackenzie Financial Corp now owns 434,415 shares of the insurance provider’s stock valued at $14,814,000 after purchasing an additional 36,899 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Truist Financial by 6.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 60,078 shares of the insurance provider’s stock valued at $2,049,000 after purchasing an additional 3,585 shares in the last quarter. Levin Capital Strategies L.P. bought a new stake in Truist Financial during the 1st quarter valued at $239,000. Finally, Center For Asset Management LLC increased its stake in Truist Financial by 24.7% during the 1st quarter. Center For Asset Management LLC now owns 13,896 shares of the insurance provider’s stock valued at $474,000 after purchasing an additional 2,755 shares in the last quarter. Institutional investors and hedge funds own 71.49% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on TFC shares. Credit Suisse Group reduced their target price on shares of Truist Financial from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, April 21st. Raymond James upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Thursday. They noted that the move was a valuation call. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Odeon Capital Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 target price for the company. in a research note on Friday, June 16th. Finally, Citigroup reduced their target price on shares of Truist Financial from $46.00 to $43.00 in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $44.32.
Truist Financial Price Performance
Truist Financial (NYSE:TFC – Free Report) last released its quarterly earnings data on Thursday, April 20th. The insurance provider reported $1.09 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.04). Truist Financial had a net margin of 22.81% and a return on equity of 12.37%. The business had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.09 billion. During the same period last year, the company earned $1.23 earnings per share. Truist Financial’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts predict that Truist Financial Co. will post 4.07 earnings per share for the current year.
Truist Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 12th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.52%. The ex-dividend date was Thursday, May 11th. Truist Financial’s payout ratio is 46.33%.
Insider Transactions at Truist Financial
In other news, Director Charles A. Patton purchased 3,668 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were purchased at an average cost of $19.00 per share, with a total value of $69,692.00. Following the completion of the acquisition, the director now owns 3,668 shares in the company, valued at approximately $69,692. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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.
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