Canada Pension Plan Investment Board Sells 47,447 Shares of Truist Financial Co. (NYSE:TFC)

Canada Pension Plan Investment Board reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 273,384 shares of the insurance provider’s stock after selling 47,447 shares during the period. Canada Pension Plan Investment Board’s holdings in Truist Financial were worth $11,859,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fourthstone LLC bought a new position in shares of Truist Financial during the fourth quarter worth about $521,000. Marshall Wace LLP raised its holdings in Truist Financial by 92.8% during the 4th quarter. Marshall Wace LLP now owns 3,639,216 shares of the insurance provider’s stock worth $157,869,000 after purchasing an additional 1,752,001 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Truist Financial by 1.5% in the 4th quarter. NewEdge Advisors LLC now owns 160,088 shares of the insurance provider’s stock worth $6,945,000 after purchasing an additional 2,443 shares during the period. Jump Financial LLC boosted its stake in shares of Truist Financial by 1,141.4% in the 4th quarter. Jump Financial LLC now owns 76,083 shares of the insurance provider’s stock valued at $3,300,000 after purchasing an additional 69,954 shares during the last quarter. Finally, Guggenheim Capital LLC increased its position in shares of Truist Financial by 7.3% during the fourth quarter. Guggenheim Capital LLC now owns 359,510 shares of the insurance provider’s stock worth $15,596,000 after buying an additional 24,548 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on TFC shares. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Sunday. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Morgan Stanley cut their price target on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, April 7th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Finally, Stephens boosted their target price on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

Truist Financial Trading Down 0.3 %

NYSE TFC opened at $35.88 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $46.83 billion, a P/E ratio of 10.77, a PEG ratio of 1.63 and a beta of 0.91. The business has a fifty day simple moving average of $41.21 and a 200 day simple moving average of $43.81. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the firm earned $0.90 earnings per share. On average, analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm 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 annualized dividend and a dividend yield of 5.80%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio is presently 61.36%.

About Truist Financial

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.