Truist Financial Co. (NYSE:TFC) Shares Sold by Swedbank AB

Swedbank AB cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 0.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 762,652 shares of the insurance provider’s stock after selling 1,246 shares during the quarter. Swedbank AB’s holdings in Truist Financial were worth $32,619,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. M&G Plc acquired a new stake in Truist Financial in the second quarter worth $2,804,000. Dimensional Fund Advisors LP grew its position in shares of Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC increased its holdings in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after acquiring an additional 61,683 shares during the period. PGGM Investments bought a new stake in Truist Financial in the 1st quarter valued at about $611,000. Finally, Concord Asset Management LLC VA boosted its stake in Truist Financial by 523.4% during the 3rd quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock valued at $2,809,000 after purchasing an additional 55,149 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TFC. Morgan Stanley lifted their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Citigroup lifted their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Royal Bank of Canada upped their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.57.

Truist Financial Stock Performance

Shares of TFC opened at $48.12 on Tuesday. The company has a 50-day moving average of $43.80 and a two-hundred day moving average of $41.61. The stock has a market cap of $63.88 billion, a price-to-earnings ratio of -33.65, a PEG ratio of 1.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a one year low of $31.23 and a one year high of $49.06.

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

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.32%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -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.