Wellington Management Group LLP Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Wellington Management Group LLP lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 56.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,847 shares of the insurance provider’s stock after selling 150,616 shares during the quarter. Wellington Management Group LLP’s holdings in Truist Financial were worth $5,069,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Amundi raised its position in Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after buying an additional 1,450,323 shares during the last quarter. American Century Companies Inc. raised its holdings in Truist Financial by 7.9% during the fourth quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock worth $428,720,000 after purchasing an additional 722,749 shares in the last quarter. Norges Bank acquired a new stake in Truist Financial in the fourth quarter valued at about $402,828,000. Bank of New York Mellon Corp lifted its position in Truist Financial by 8.5% in the fourth quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider’s stock valued at $368,079,000 after purchasing an additional 662,179 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Truist Financial in the 4th quarter valued at approximately $198,051,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 6.6 %

Shares of NYSE:TFC opened at $35.48 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $46.32 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06. The stock’s fifty day simple moving average is $42.60 and its 200-day simple moving average is $44.05.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. As a group, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.86%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Citigroup reduced their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Morgan Stanley decreased their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday. Barclays increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $50.22.

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.