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

Alliancebernstein L.P. cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,458,649 shares of the insurance provider’s stock after selling 42,566 shares during the period. Alliancebernstein L.P.’s holdings in Truist Financial were worth $63,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Skba Capital Management LLC increased its holdings in Truist Financial by 92.5% during the 4th quarter. Skba Capital Management LLC now owns 265,400 shares of the insurance provider’s stock worth $11,513,000 after purchasing an additional 127,500 shares during the last quarter. Partners in Financial Planning bought a new stake in shares of Truist Financial in the fourth quarter worth $593,000. Everstar Asset Management LLC acquired a new stake in Truist Financial in the fourth quarter valued at $257,000. O Shaughnessy Asset Management LLC boosted its stake in Truist Financial by 8.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 182,704 shares of the insurance provider’s stock valued at $7,926,000 after acquiring an additional 14,968 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in Truist Financial during the 4th quarter worth $304,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Down 6.0 %

NYSE:TFC opened at $34.80 on Friday. Truist Financial Co. has a 1 year low of $33.71 and a 1 year high of $49.06. The business has a fifty day moving average of $43.97 and a 200-day moving average of $44.30. 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 $45.43 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last released its 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. The firm 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%. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. Equities analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Compass Point increased their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Finally, HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $50.42.

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.