abrdn plc Trims Stock Position in Truist Financial Co. (NYSE:TFC)

abrdn plc decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 7.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,091,264 shares of the insurance provider’s stock after selling 93,049 shares during the quarter. abrdn plc’s holdings in Truist Financial were worth $47,394,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Tradewinds LLC. grew its stake in Truist Financial by 0.5% during the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after buying an additional 222 shares during the last quarter. PBMares Wealth Management LLC grew its position in shares of Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after acquiring an additional 224 shares during the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Truist Financial by 2.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after acquiring an additional 225 shares during the period. Aaron Wealth Advisors LLC raised its position in Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares during the last quarter. Finally, Ignite Planners LLC boosted its stake in Truist Financial by 1.4% during the 4th quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on TFC. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Citigroup upped their price objective on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Stephens upped their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada lifted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.41 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $62.93 billion, a PE ratio of 14.24, a P/E/G ratio of 1.69 and a beta of 1.08. Truist Financial Co. has a 1 year low of $34.23 and a 1 year high of $49.06. The stock has a fifty day moving average price of $45.53 and a 200 day moving average price of $44.14.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.39%. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

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.