Mutual of America Capital Management LLC Sells 3,836 Shares of Truist Financial Co. (NYSE:TFC)

Mutual of America Capital Management LLC lessened its holdings in Truist Financial Co. (NYSE:TFC) by 2.3% during the third quarter, HoldingsChannel.com reports. The firm owned 164,907 shares of the insurance provider’s stock after selling 3,836 shares during the period. Mutual of America Capital Management LLC’s holdings in Truist Financial were worth $7,053,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Capital International Investors boosted its stake in shares of Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the last quarter. Legal & General Group Plc grew its stake in Truist Financial by 1.0% in the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after purchasing an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Truist Financial Corp raised its stake in shares of Truist Financial by 6.7% during the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after purchasing an additional 311,523 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Truist Financial by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after buying an additional 58,349 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TFC. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Barclays raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Wells Fargo & Company lifted their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Morgan Stanley increased their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.37.

Truist Financial Trading Up 0.5 %

Shares of TFC stock opened at $46.79 on Tuesday. The stock has a 50 day simple moving average of $43.27 and a 200 day simple moving average of $41.33. Truist Financial Co. has a 1 year low of $31.23 and a 1 year high of $47.57. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a market cap of $62.11 billion, a P/E ratio of -32.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.45%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is presently -145.45%.

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.