Truist Financial Co. (NYSE:TFC) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its stake in Truist Financial Co. (NYSE:TFC) by 9.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 342,146 shares of the insurance provider’s stock after selling 34,734 shares during the period. Corebridge Financial Inc.’s holdings in Truist Financial were worth $14,842,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial in the 4th quarter valued at $198,051,000. State Street Corp increased its stake in Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Amundi lifted its position in shares of Truist Financial by 6.5% during the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after purchasing an additional 1,450,323 shares in the last quarter. KBC Group NV boosted its stake in shares of Truist Financial by 96.9% in the fourth quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock valued at $88,144,000 after purchasing an additional 999,763 shares during the period. Finally, HighTower Advisors LLC grew its holdings in shares of Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after purchasing an additional 807,648 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Up 1.8 %

TFC stock opened at $42.17 on Tuesday. The company has a market cap of $55.04 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a fifty day moving average price of $45.10 and a 200 day moving average price of $44.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a 12 month low of $35.09 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is currently 62.46%.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Citigroup lowered their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday. Raymond James increased their price target on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler boosted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Nine equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.79.

Truist Financial 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.