Truist Financial Corporation $TFC Stock Holdings Lessened by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 1.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,013,779 shares of the insurance provider’s stock after selling 39,617 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Truist Financial were worth $137,790,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. First Horizon Corp purchased a new position in shares of Truist Financial in the third quarter worth approximately $652,000. MGO One Seven LLC raised its stake in Truist Financial by 15.0% during the 3rd quarter. MGO One Seven LLC now owns 33,180 shares of the insurance provider’s stock valued at $1,517,000 after purchasing an additional 4,331 shares during the period. Bayforest Capital Ltd raised its position in Truist Financial by 64.6% during the third quarter. Bayforest Capital Ltd now owns 7,571 shares of the insurance provider’s stock valued at $346,000 after buying an additional 2,972 shares during the period. Forum Financial Management LP increased its holdings in shares of Truist Financial by 18.5% in the 3rd quarter. Forum Financial Management LP now owns 23,758 shares of the insurance provider’s stock valued at $1,086,000 after purchasing an additional 3,703 shares during the period. Finally, MASTERINVEST Kapitalanlage GmbH purchased a new stake in shares of Truist Financial in the third quarter worth approximately $240,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Truist Financial in a report on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Morgan Stanley lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Finally, Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $52.80.

Truist Financial Stock Down 1.0%

Shares of TFC stock opened at $49.66 on Wednesday. The stock’s 50 day simple moving average is $47.94 and its 200 day simple moving average is $45.90. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $63.53 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter last year, the company posted $0.97 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is 55.91%.

Truist Financial announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

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.