M&G PLC Sells 242,536 Shares of Truist Financial Corporation $TFC

M&G PLC cut its stake in Truist Financial Corporation (NYSE:TFC) by 87.5% in the second quarter, HoldingsChannel reports. The fund owned 34,548 shares of the insurance provider’s stock after selling 242,536 shares during the period. M&G PLC’s holdings in Truist Financial were worth $1,486,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter valued at approximately $25,000. Aspect Partners LLC lifted its holdings in Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares in the last quarter. Princeton Global Asset Management LLC bought a new position in Truist Financial in the 2nd quarter valued at $30,000. Motco increased its stake in shares of Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares during the period. Finally, Ramirez Asset Management Inc. increased its stake in shares of Truist Financial by 60.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TFC shares. Piper Sandler set a $48.00 price target on Truist Financial in a research note on Monday, October 20th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, October 20th. Wells Fargo & Company reissued an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $50.59.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.34 on Friday. The stock has a market cap of $58.00 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.20 and a beta of 0.92. The stock has a 50-day moving average of $44.69 and a 200-day moving average of $43.29. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. During the same quarter last year, the firm earned $0.97 EPS. Truist Financial’s quarterly revenue was up 1.9% compared to the same quarter last year. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial’s payout ratio is 55.91%.

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.