Truist Financial Corporation (NYSE:TFC) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its stake in Truist Financial Corporation (NYSE:TFC) by 2.6% in the 1st quarter, Holdings Channel reports. The firm owned 1,647,146 shares of the insurance provider’s stock after selling 44,615 shares during the quarter. Truist Financial accounts for approximately 1.4% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 27th biggest position. Letko Brosseau & Associates Inc.’s holdings in Truist Financial were worth $67,780,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the period. Schroder Investment Management Group increased its holdings in Truist Financial by 2.1% during the 4th quarter. Schroder Investment Management Group now owns 961,234 shares of the insurance provider’s stock valued at $41,689,000 after acquiring an additional 19,320 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Truist Financial by 9.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 170,711 shares of the insurance provider’s stock valued at $7,503,000 after acquiring an additional 14,340 shares in the last quarter. Physician Wealth Advisors Inc. purchased a new position in Truist Financial during the 4th quarter valued at about $59,000. Finally, O Shaughnessy Asset Management LLC increased its holdings in Truist Financial by 8.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 182,704 shares of the insurance provider’s stock valued at $7,926,000 after acquiring an additional 14,968 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE TFC opened at $44.75 on Wednesday. The stock’s 50-day moving average price is $42.24 and its two-hundred day moving average price is $42.12. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $58.60 billion, a PE ratio of 12.19, a PEG ratio of 1.68 and a beta of 0.85. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. Truist Financial’s quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.65%. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on TFC. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Argus set a $43.00 price target on shares of Truist Financial in a report on Monday, April 21st. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. TD Cowen started coverage on shares of Truist Financial in a report on Thursday, May 15th. They set a “hold” rating and a $44.00 price target for the company. Finally, Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.65.

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.