Truist Financial Corporation $TFC Shares Sold by Wellington Shields Capital Management LLC

Wellington Shields Capital Management LLC cut its position in shares of Truist Financial Corporation (NYSE:TFC) by 93.2% during the 4th quarter, Holdings Channel reports. The firm owned 6,935 shares of the insurance provider’s stock after selling 94,489 shares during the period. Wellington Shields Capital Management LLC’s holdings in Truist Financial were worth $341,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TFC. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the 3rd quarter worth $28,000. Maseco LLP boosted its stake in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 431 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares in the last quarter. Finally, Bare Financial Services Inc boosted its stake in shares of Truist Financial by 56.9% during the 4th quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 298 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $48.70 on Wednesday. The stock has a market cap of $60.67 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 0.83 and a beta of 0.92. Truist Financial Corporation has a 12 month low of $38.67 and a 12 month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $48.05 and a 200-day simple moving average of $48.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the firm earned $0.87 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s payout ratio is currently 51.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TFC shares. Evercore reissued an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Friday, May 1st. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Morgan Stanley decreased their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.59.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.