Zurcher Kantonalbank Zurich Cantonalbank Sells 97,221 Shares of Truist Financial Co. (NYSE:TFC)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 27.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 259,016 shares of the insurance provider’s stock after selling 97,221 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Truist Financial were worth $11,236,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Bangor Savings Bank lifted its holdings in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. purchased a new stake in Truist Financial in the third quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the third quarter valued at $32,000. Ashton Thomas Securities LLC purchased a new position in shares of Truist Financial during the 3rd quarter valued at $45,000. Finally, True Wealth Design LLC bought a new position in shares of Truist Financial during the 3rd quarter worth $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Down 0.3 %

Shares of TFC stock opened at $39.80 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market cap of $51.95 billion, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The business has a 50-day moving average price of $45.53 and a two-hundred day moving average price of $44.62. Truist Financial Co. has a 12-month low of $34.51 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Equities analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

Wall Street Analysts Forecast Growth

Several research firms have commented on TFC. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Morgan Stanley upped their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Stephens lifted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.16.

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.