Truist Financial Co. (NYSE:TFC) Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New decreased its holdings in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 26.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,265 shares of the insurance provider’s stock after selling 6,235 shares during the quarter. Cigna Investments Inc. New’s holdings in Truist Financial were worth $819,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Truist Financial by 1.2% during the first quarter. Vanguard Group Inc. now owns 117,904,719 shares of the insurance provider’s stock worth $6,685,197,000 after purchasing an additional 1,410,643 shares during the last quarter. BlackRock Inc. boosted its holdings in Truist Financial by 0.8% in the first quarter. BlackRock Inc. now owns 96,437,111 shares of the insurance provider’s stock valued at $5,467,984,000 after acquiring an additional 755,657 shares during the last quarter. Dodge & Cox boosted its holdings in Truist Financial by 12.4% in the second quarter. Dodge & Cox now owns 19,105,325 shares of the insurance provider’s stock valued at $906,166,000 after acquiring an additional 2,110,333 shares during the last quarter. Northern Trust Corp boosted its holdings in Truist Financial by 2.1% in the second quarter. Northern Trust Corp now owns 16,142,238 shares of the insurance provider’s stock valued at $765,627,000 after acquiring an additional 326,545 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Truist Financial by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,294,961 shares of the insurance provider’s stock valued at $810,526,000 after acquiring an additional 221,798 shares during the last quarter. Institutional investors and hedge funds own 73.31% of the company’s stock.

Truist Financial Stock Up 0.5 %

Shares of NYSE TFC opened at $42.06 on Friday. Truist Financial Co. has a 1 year low of $40.01 and a 1 year high of $68.95. The firm has a market cap of $55.80 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 1.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.77 and a current ratio of 0.78. The stock’s 50-day simple moving average is $44.38 and its 200-day simple moving average is $46.79.

Truist Financial (NYSE:TFC – Get Rating) last announced its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.02). The business had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $5.96 billion. Truist Financial had a return on equity of 12.13% and a net margin of 26.16%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.42 earnings per share. As a group, equities analysts anticipate that Truist Financial Co. will post 4.91 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Thursday, November 10th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend was Wednesday, November 9th. Truist Financial’s dividend payout ratio is currently 47.71%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Royal Bank of Canada reduced their target price on Truist Financial from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, October 19th. Piper Sandler upgraded Truist Financial from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $52.00 to $55.00 in a report on Wednesday, September 28th. StockNews.com lowered Truist Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 24th. The Goldman Sachs Group cut their price objective on Truist Financial from $57.00 to $51.00 and set a “buy” rating on the stock in a research report on Friday, September 30th. Finally, Morgan Stanley raised their price objective on Truist Financial from $55.00 to $59.00 and gave the company an “equal weight” rating in a research report on Monday, November 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $55.09.

About Truist Financial

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Truist Financial Corporation, a holding 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.