Truist Financial Corp Cuts Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Truist Financial Corp cut its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 11.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,089 shares of the company’s stock after selling 2,781 shares during the period. Truist Financial Corp owned 0.08% of Lancaster Colony worth $3,985,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LANC. Point72 Europe London LLP acquired a new position in Lancaster Colony in the 4th quarter worth about $561,000. Clarity Asset Management Inc. acquired a new stake in shares of Lancaster Colony in the fourth quarter valued at about $70,000. Virtu Financial LLC purchased a new stake in shares of Lancaster Colony during the fourth quarter worth about $369,000. Wellington Management Group LLP raised its position in shares of Lancaster Colony by 1.4% during the 4th quarter. Wellington Management Group LLP now owns 32,371 shares of the company’s stock worth $5,386,000 after purchasing an additional 434 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Lancaster Colony by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 2,100,504 shares of the company’s stock valued at $349,503,000 after buying an additional 19,427 shares in the last quarter. Institutional investors and hedge funds own 66.44% of the company’s stock.

Wall Street Analysts Forecast Growth

LANC has been the subject of a number of research analyst reports. Benchmark reissued a “hold” rating on shares of Lancaster Colony in a report on Wednesday, September 18th. Loop Capital reduced their price objective on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Stephens dropped their target price on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a report on Friday, August 23rd. Finally, StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $195.75.

Lancaster Colony Stock Up 1.3 %

NASDAQ LANC opened at $180.70 on Wednesday. The business’s fifty day simple moving average is $181.68 and its 200-day simple moving average is $187.56. The firm has a market cap of $4.97 billion, a PE ratio of 37.49 and a beta of 0.35. Lancaster Colony Co. has a 52 week low of $160.01 and a 52 week high of $215.31.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.06). The firm had revenue of $452.83 million during the quarter, compared to analysts’ expectations of $462.70 million. Lancaster Colony had a net margin of 8.47% and a return on equity of 19.61%. Research analysts expect that Lancaster Colony Co. will post 6.96 EPS for the current year.

Lancaster Colony Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a $0.90 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $3.60 dividend on an annualized basis and a yield of 1.99%. Lancaster Colony’s dividend payout ratio is currently 74.69%.

Insider Activity

In related news, Director Elliot K. Fullen acquired 3,000 shares of Lancaster Colony stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average cost of $169.00 per share, for a total transaction of $507,000.00. Following the acquisition, the director now owns 5,298 shares in the company, valued at approximately $895,362. This represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 29.60% of the company’s stock.

Lancaster Colony Company Profile

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.