Griffin Asset Management Inc. Cuts Stake in Truist Financial Co. (NYSE:TFC)

Griffin Asset Management Inc. cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,480 shares of the insurance provider’s stock after selling 4,322 shares during the period. Griffin Asset Management Inc.’s holdings in Truist Financial were worth $4,382,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TFC. Capital International Investors boosted its position in shares of Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after buying an additional 18,712,246 shares during the last quarter. Norges Bank purchased a new stake in shares of Truist Financial during the fourth quarter valued at $402,828,000. FMR LLC boosted its position in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after buying an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial during the fourth quarter valued at $198,051,000. Finally, Northern Trust Corp boosted its position in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after buying an additional 2,452,239 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Down 2.5%

Shares of TFC opened at $38.94 on Friday. The business’s 50 day moving average is $38.77 and its 200 day moving average is $42.42. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a market capitalization of $50.99 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the firm earned $0.90 EPS. Research analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.34%. Truist Financial’s dividend payout ratio is presently 61.36%.

Wall Street Analyst Weigh In

TFC has been the topic of several recent analyst reports. Argus set a $43.00 price objective on Truist Financial in a research report on Monday, April 21st. Wells Fargo & Company lowered their target price on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Raymond James downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Stephens lowered their target price on Truist Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $47.83.

Truist Financial Profile

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.