Citigroup Inc. trimmed its stake in Truist Financial Co. (NYSE:TFC – Free Report) by 10.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,423,300 shares of the insurance provider’s stock after selling 164,923 shares during the quarter. Citigroup Inc. owned 0.11% of Truist Financial worth $40,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC raised its position in Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Norges Bank acquired a new position in Truist Financial during the fourth quarter valued at approximately $553,718,000. Morgan Stanley grew its holdings in Truist Financial by 32.6% during the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after purchasing an additional 3,813,439 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Truist Financial by 65.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock valued at $258,893,000 after purchasing an additional 2,992,820 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Truist Financial by 31.1% in the second quarter. Franklin Resources Inc. now owns 11,719,243 shares of the insurance provider’s stock worth $355,679,000 after acquiring an additional 2,781,842 shares during the last quarter. 71.11% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
TFC has been the topic of several research analyst reports. Piper Sandler raised their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Royal Bank of Canada raised their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Odeon Capital Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective on the stock in a research note on Thursday, December 14th. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Finally, Morgan Stanley raised their price objective on shares of Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $39.14.
Get Our Latest Research Report on TFC
Insider Activity at Truist Financial
In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by company insiders.
Truist Financial Price Performance
Shares of NYSE TFC traded down $0.15 during midday trading on Friday, reaching $34.87. 17,477,259 shares of the company traded hands, compared to its average volume of 10,142,840. The firm has a market cap of $46.54 billion, a PE ratio of -32.29, a PEG ratio of 1.55 and a beta of 1.07. The stock’s 50-day simple moving average is $36.40 and its 200-day simple moving average is $33.02. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $38.47. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $1.30 earnings per share. As a group, equities analysts anticipate that Truist Financial Co. will post 3.35 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.97%. Truist Financial’s dividend payout ratio is -192.59%.
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.
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