Swiss Life Asset Management Ltd Reduces Holdings in Truist Financial Corporation $TFC

Swiss Life Asset Management Ltd decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 68.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 465,482 shares of the insurance provider’s stock after selling 1,000,017 shares during the period. Swiss Life Asset Management Ltd’s holdings in Truist Financial were worth $22,906,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Naples Global Advisors LLC increased its stake in Truist Financial by 2.0% during the 4th quarter. Naples Global Advisors LLC now owns 17,095 shares of the insurance provider’s stock worth $841,000 after buying an additional 337 shares during the period. Colonial River Investments LLC increased its stake in Truist Financial by 2.6% during the 4th quarter. Colonial River Investments LLC now owns 9,122 shares of the insurance provider’s stock worth $449,000 after buying an additional 229 shares during the period. Drive Wealth Management LLC purchased a new stake in Truist Financial during the 4th quarter worth $212,000. D Orazio & Associates Inc. increased its stake in Truist Financial by 4.5% during the 4th quarter. D Orazio & Associates Inc. now owns 6,107 shares of the insurance provider’s stock worth $301,000 after buying an additional 263 shares during the period. Finally, Advisor OS LLC purchased a new stake in Truist Financial during the 4th quarter worth $211,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TFC. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Morgan Stanley dropped 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 report on Monday, April 20th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Finally, TD Cowen boosted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.96 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a fifty-two week low of $38.27 and a fifty-two week high of $56.19. The firm has a 50-day simple moving average of $47.96 and a 200 day simple moving average of $48.54. The company has a market cap of $59.75 billion, a PE ratio of 11.90, a P/E/G ratio of 0.84 and a beta of 0.92.

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 analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

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

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.