Bahl & Gaynor Inc. Reduces Position in Truist Financial Co. (NYSE:TFC)

Bahl & Gaynor Inc. decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,440 shares of the insurance provider’s stock after selling 5,416 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Truist Financial were worth $1,615,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $307,787,000. Parnassus Investments LLC purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $95,049,000. Azora Capital LP purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $72,498,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Truist Financial by 48.9% in the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TFC shares. Piper Sandler upped their target price on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. The Goldman Sachs Group upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Argus upped their target price on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group upped their target price on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 target price on shares of Truist Financial in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $44.95.

Truist Financial Price Performance

Truist Financial stock traded up $0.41 during midday trading on Tuesday, reaching $44.19. The company’s stock had a trading volume of 4,261,766 shares, compared to its average volume of 8,519,637. The firm has a market capitalization of $59.13 billion, a PE ratio of -33.42, a P/E/G ratio of 2.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $44.38. The stock’s 50 day simple moving average is $38.47 and its 200 day simple moving average is $37.57.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s revenue was down 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. On average, equities research analysts forecast that Truist Financial Co. will post 3.44 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.71%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

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.