Truist Financial Corporation $TFC Stock Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in Truist Financial Corporation (NYSE:TFC) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,401,234 shares of the insurance provider’s stock after selling 9,657 shares during the quarter. Principal Financial Group Inc.’s holdings in Truist Financial were worth $64,415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Auto Owners Insurance Co increased its stake in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP grew its stake in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares in the last quarter. Norges Bank purchased a new position in Truist Financial in the fourth quarter valued at about $502,340,000. American Assets Investment Management LLC increased its position in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after purchasing an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Friday, May 1st. Evercore restated an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. JPMorgan Chase & Co. reduced 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 note on Tuesday, April 7th. Finally, Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.47.

Truist Financial Stock Performance

TFC opened at $53.08 on Friday. The company has a market cap of $66.13 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.89. The stock has a 50-day moving average of $49.33 and a 200-day moving average of $49.48. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. 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 (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities research analysts forecast that Truist Financial Corporation will post 4.51 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio is presently 51.61%.

About Truist Financial

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.