Alliancebernstein L.P. Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Alliancebernstein L.P. lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,458,649 shares of the insurance provider’s stock after selling 42,566 shares during the quarter. Alliancebernstein L.P. owned about 0.11% of Truist Financial worth $63,276,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bangor Savings Bank lifted its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Hopwood Financial Services Inc. acquired a new stake in Truist Financial in the fourth quarter valued at about $26,000. Curio Wealth LLC purchased a new stake in Truist Financial in the 4th quarter valued at approximately $45,000. City State Bank increased its position in Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. purchased a new position in shares of Truist Financial during the 4th quarter worth approximately $55,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on TFC. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Raymond James downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Citigroup dropped their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $50.42.

Truist Financial Stock Performance

Truist Financial stock opened at $34.80 on Friday. The company has a market cap of $45.43 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 12 month low of $33.71 and a 12 month high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50-day moving average is $43.97 and its 200-day moving average is $44.30.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating 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 firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the firm posted $0.81 earnings per share. Truist Financial’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.98%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Truist Financial Company Profile

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.