Letko Brosseau & Associates Inc. Has $73.39 Million Position in Truist Financial Co. (NYSE:TFC)

Letko Brosseau & Associates Inc. lessened its position in Truist Financial Co. (NYSE:TFC) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,691,761 shares of the insurance provider’s stock after selling 17,255 shares during the quarter. Truist Financial makes up about 1.4% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 27th biggest position. Letko Brosseau & Associates Inc. owned about 0.13% of Truist Financial worth $73,389,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Capital International Investors boosted its stake in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock worth $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Norges Bank bought a new stake in Truist Financial during the 4th quarter worth $402,828,000. FMR LLC grew its position in Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after acquiring an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Truist Financial in the 4th quarter valued at about $198,051,000. Finally, Northern Trust Corp grew its position in shares of Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after buying an additional 2,452,239 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TFC. Citigroup cut their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Wells Fargo & Company dropped their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.06.

Truist Financial Stock Performance

Shares of TFC opened at $38.88 on Monday. The firm has a 50-day moving average of $38.86 and a 200-day moving average of $43.30. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The company has a market cap of $50.91 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. 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 (NYSE:TFC) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same quarter in the previous year, the company earned $0.90 EPS. As a group, equities analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio is currently 61.36%.

Truist Financial Company 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.