Truist Financial Corporation $TFC Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 1.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,531,461 shares of the insurance provider’s stock after selling 20,500 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Truist Financial were worth $70,907,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Truist Financial during the second quarter valued at approximately $4,959,834,000. Nykredit A S bought a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $13,756,000. State Street Corp raised its holdings in shares of Truist Financial by 0.9% in the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after buying an additional 501,026 shares in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in shares of Truist Financial by 129.1% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after buying an additional 20,991 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Truist Financial by 11.4% in the 2nd quarter. NewEdge Advisors LLC now owns 253,065 shares of the insurance provider’s stock worth $12,608,000 after buying an additional 25,995 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $49.90 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $59.81 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.11 and a beta of 0.90. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19. The firm’s 50-day moving average price is $48.35 and its two-hundred day moving average price is $49.51.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.04 EPS. On average, equities analysts predict that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s dividend payout ratio (DPR) is currently 53.61%.

Analyst Ratings Changes

Several analysts recently commented on TFC shares. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Stephens lowered their price target on Truist Financial from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. The Goldman Sachs Group dropped their price objective on Truist Financial from $59.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Keefe, Bruyette & Woods cut their price objective on Truist Financial from $55.00 to $54.00 and set a “market perform” rating for the company in a report on Monday, October 19th. Finally, UBS Group cut their price objective on Truist Financial from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $54.73.

Insiders Place Their Bets

In other Truist Financial news, CEO Michael Lyons acquired 25,000 shares of the business’s stock in a transaction on Wednesday, October 28th. The stock was purchased at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the transaction, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This trade represents a 119.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.15% of the stock is owned by corporate insiders.

Truist Financial Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management. The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.