Fort Washington Investment Advisors Inc. OH trimmed its stake in shares of Truist Financial Co. (NYSE:TFC) by 4.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,819 shares of the insurance provider’s stock after selling 6,627 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in Truist Financial were worth $5,282,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in shares of Truist Financial by 0.7% in the 3rd quarter. State Street Corp now owns 57,574,299 shares of the insurance provider’s stock worth $2,190,702,000 after purchasing an additional 381,648 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Truist Financial by 7.4% during the second quarter. Bank of America Corp DE now owns 40,057,338 shares of the insurance provider’s stock worth $1,504,153,000 after purchasing an additional 2,771,230 shares during the period. Copper Rock Capital Partners LLC acquired a new stake in Truist Financial in the second quarter valued at approximately $701,816,000. Macquarie Group Ltd. lifted its stake in Truist Financial by 4.6% in the second quarter. Macquarie Group Ltd. now owns 17,790,167 shares of the insurance provider’s stock valued at $668,020,000 after acquiring an additional 785,323 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Truist Financial by 21.2% in the second quarter. Nuveen Asset Management LLC now owns 9,204,265 shares of the insurance provider’s stock valued at $345,621,000 after acquiring an additional 1,613,095 shares during the last quarter. 73.36% of the stock is currently owned by institutional investors.
Shares of Truist Financial stock opened at $46.21 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.91 and a current ratio of 0.93. The business’s 50 day simple moving average is $43.52 and its 200 day simple moving average is $39.02. The firm has a market cap of $62.30 billion, a PE ratio of 15.72, a P/E/G ratio of 1.43 and a beta of 1.40. Truist Financial Co. has a 52-week low of $24.01 and a 52-week high of $56.92.
Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 15th. The insurance provider reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.09. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.48 billion. Truist Financial had a return on equity of 7.76% and a net margin of 16.95%. The business’s revenue was up 85.1% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. As a group, equities research analysts predict that Truist Financial Co. will post 3.52 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.45 dividend. The ex-dividend date is Thursday, November 12th. This represents a $1.80 dividend on an annualized basis and a yield of 3.90%. Truist Financial’s dividend payout ratio is 41.19%.
In other news, VP Brantley J. Standridge sold 1,500 shares of Truist Financial stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $45.10, for a total transaction of $67,650.00. Following the completion of the transaction, the vice president now directly owns 12,510 shares in the company, valued at approximately $564,201. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 957 shares of Truist Financial stock in a transaction that occurred on Thursday, November 12th. The stock was sold at an average price of $46.80, for a total value of $44,787.60. Following the transaction, the director now owns 8,000 shares of the company’s stock, valued at $374,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,355 shares of company stock valued at $228,825. Corporate insiders own 0.35% of the company’s stock.
A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $40.00 to $43.50 in a research note on Tuesday, October 6th. Morgan Stanley lifted their target price on Truist Financial from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, October 16th. Zacks Investment Research raised Truist Financial from a “sell” rating to a “hold” rating and set a $40.00 target price on the stock in a research report on Friday, August 21st. Raymond James raised their price target on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, September 18th. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $49.00 to $50.00 in a research note on Thursday. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $44.83.
About Truist Financial
Truist Financial Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals 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.
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