Geode Capital Management LLC Sells 21,339 Shares of Truist Financial Corporation $TFC

Geode Capital Management LLC lessened its position in shares of Truist Financial Corporation (NYSE:TFC) by 0.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,933,484 shares of the insurance provider’s stock after selling 21,339 shares during the period. Geode Capital Management LLC’s holdings in Truist Financial were worth $1,417,389,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after buying an additional 701,049 shares during the last quarter. Capital International Investors raised its stake in Truist Financial by 0.3% during the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock worth $4,921,717,000 after buying an additional 346,423 shares during the last quarter. Wellington Management Group LLP raised its stake in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Truist Financial by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider’s stock worth $388,300,000 after buying an additional 168,464 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Truist Financial by 0.6% during the fourth quarter. Legal & General Group Plc now owns 7,946,971 shares of the insurance provider’s stock worth $391,070,000 after buying an additional 44,167 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.83 on Friday. The firm’s 50-day moving average price is $48.19 and its 200-day moving average price is $48.87. Truist Financial Corporation has a 1-year low of $38.67 and a 1-year high of $56.19. The firm has a market capitalization of $59.59 billion, a P/E ratio of 11.87, a P/E/G ratio of 0.83 and a beta of 0.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the business earned $0.87 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. Truist Financial’s dividend payout ratio is currently 51.61%.

Analyst Ratings Changes

TFC has been the subject of a number of analyst reports. Jefferies Financial Group reissued a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Royal Bank Of Canada lifted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley lowered their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.