126,035 Truist Financial Corporation $TFC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Truist Financial Corporation (NYSE:TFC) by 4.5% during the third quarter, Holdings Channel.com reports. The firm owned 2,647,220 shares of the insurance provider’s stock after selling 126,035 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Truist Financial were worth $122,566,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. PCB Capital LLC increased its position in Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after buying an additional 198 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Truist Financial by 4.0% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after acquiring an additional 211 shares in the last quarter. Csenge Advisory Group boosted its holdings in Truist Financial by 0.3% in the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock worth $3,459,000 after acquiring an additional 227 shares in the last quarter. Apella Capital LLC boosted its holdings in Truist Financial by 0.5% in the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after acquiring an additional 232 shares in the last quarter. Finally, West Family Investments Inc. grew its stake in Truist Financial by 4.6% in the second quarter. West Family Investments Inc. now owns 5,498 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 242 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on TFC shares. Robert W. Baird boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Evercore reaffirmed an “outperform” rating and set a $55.00 target price on shares of Truist Financial in a research report on Tuesday, October 27th. Bank of America cut Truist Financial from a “buy” rating to a “neutral” rating and increased their target price for the stock from $54.00 to $56.00 in a report on Wednesday, July 8th. UBS Group reduced their price target on shares of Truist Financial from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Finally, Stephens decreased their price target on shares of Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, October 20th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $53.82.

Insider Activity

In other Truist Financial news, CEO Michael Lyons bought 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The stock was bought at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Stock Up 2.8%

Truist Financial stock opened at $50.16 on Tuesday. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day simple moving average is $48.39 and its 200 day simple moving average is $49.50. The stock has a market cap of $60.11 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Research analysts predict that Truist Financial Corporation will post 4.71 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, November 13th. Truist Financial’s payout ratio is presently 53.61%.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.