Rhumbline Advisers Trims Position in Truist Financial Corporation $TFC

Rhumbline Advisers cut its position in shares of Truist Financial Corporation (NYSE:TFC) by 7.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,353,163 shares of the insurance provider’s stock after selling 201,479 shares during the period. Rhumbline Advisers’ holdings in Truist Financial were worth $101,162,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. First Hawaiian Bank lifted its stake in shares of Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 948 shares during the last quarter. Credit Agricole S A raised its holdings in Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after buying an additional 216,672 shares during the period. Empower Advisory Group LLC lifted its position in Truist Financial by 319.8% in the first quarter. Empower Advisory Group LLC now owns 29,143 shares of the insurance provider’s stock valued at $1,199,000 after buying an additional 22,201 shares during the last quarter. Inspire Trust Co. N.A. lifted its position in Truist Financial by 9.8% in the first quarter. Inspire Trust Co. N.A. now owns 90,000 shares of the insurance provider’s stock valued at $3,704,000 after buying an additional 8,000 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in Truist Financial during the first quarter worth about $2,435,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $45.46 on Friday. The business has a 50-day simple moving average of $44.58 and a 200-day simple moving average of $43.56. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a market cap of $58.15 billion, a PE ratio of 12.22, a P/E/G ratio of 1.20 and a beta of 0.92.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $0.97 EPS. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TFC. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Evercore ISI boosted their target price on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Morgan Stanley upped their price target on Truist Financial from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Finally, UBS Group set a $55.00 price objective on Truist Financial in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.59.

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.