WASHINGTON TRUST Co boosted its position in Truist Financial Co. (NYSE:TFC) by 37.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 281,604 shares of the insurance provider’s stock after acquiring an additional 76,343 shares during the period. WASHINGTON TRUST Co’s holdings in Truist Financial were worth $16,423,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. DekaBank Deutsche Girozentrale raised its stake in shares of Truist Financial by 15.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 293,773 shares of the insurance provider’s stock worth $17,262,000 after purchasing an additional 38,965 shares during the last quarter. DAVENPORT & Co LLC raised its stake in shares of Truist Financial by 22.1% in the first quarter. DAVENPORT & Co LLC now owns 1,553,921 shares of the insurance provider’s stock worth $90,625,000 after purchasing an additional 281,558 shares during the last quarter. Atlas Private Wealth Advisors raised its stake in shares of Truist Financial by 890.9% in the first quarter. Atlas Private Wealth Advisors now owns 436 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 392 shares during the last quarter. Probity Advisors Inc. purchased a new stake in shares of Truist Financial in the first quarter worth approximately $268,000. Finally, J.W. Cole Advisors Inc. raised its stake in shares of Truist Financial by 2.3% in the first quarter. J.W. Cole Advisors Inc. now owns 29,127 shares of the insurance provider’s stock worth $1,699,000 after purchasing an additional 652 shares during the last quarter. Institutional investors and hedge funds own 72.11% of the company’s stock.
Several brokerages have recently commented on TFC. Raymond James increased their price objective on Truist Financial from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 13th. Barclays increased their price target on Truist Financial from $59.00 to $64.00 in a research report on Wednesday, April 7th. Bank of America increased their price target on Truist Financial from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, January 22nd. Deutsche Bank Aktiengesellschaft increased their price target on Truist Financial from $56.00 to $65.00 in a research report on Monday, March 15th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $53.00 price target on shares of Truist Financial in a research report on Thursday, January 7th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Truist Financial has a consensus rating of “Hold” and a consensus target price of $55.00.
Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, April 14th. The insurance provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.07. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.43 billion. Truist Financial had a return on equity of 7.76% and a net margin of 16.95%. Truist Financial’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 EPS. Equities analysts forecast that Truist Financial Co. will post 3.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 1st. Shareholders of record on Friday, May 14th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, May 13th. This represents a $1.80 dividend on an annualized basis and a yield of 3.04%. Truist Financial’s dividend payout ratio is presently 41.19%.
In other news, VP Cynthia B. Powell sold 2,201 shares of the company’s stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $58.31, for a total value of $128,340.31. Following the completion of the sale, the vice president now directly owns 2,133 shares in the company, valued at approximately $124,375.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Case sold 9,851 shares of the company’s stock in a transaction on Wednesday, March 17th. The stock was sold at an average price of $58.39, for a total value of $575,199.89. Following the completion of the sale, the executive vice president now owns 20,583 shares of the company’s stock, valued at $1,201,841.37. The disclosure for this sale can be found here. Insiders sold a total of 20,997 shares of company stock valued at $1,223,463 over the last 90 days. 0.35% of the stock is currently owned by company insiders.
Truist Financial 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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