Truist Financial Corporation $TFC Shares Sold by Forsta AP Fonden

Forsta AP Fonden lessened its stake in Truist Financial Corporation (NYSE:TFC) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 288,400 shares of the insurance provider’s stock after selling 11,000 shares during the quarter. Forsta AP Fonden’s holdings in Truist Financial were worth $14,192,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TFC. Wellington Management Group LLP boosted its holdings in shares of Truist Financial by 13,511.7% in the 3rd 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 during the last quarter. Norges Bank acquired a new position in shares of Truist Financial in the 4th quarter valued at $502,340,000. American Assets Investment Management LLC boosted its holdings in shares of Truist Financial by 781.3% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the last quarter. Azora Capital LP acquired a new position in shares of Truist Financial during the 3rd quarter valued at $115,417,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Truist Financial by 164.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock valued at $105,490,000 after acquiring an additional 1,433,934 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $48.12 on Friday. Truist Financial Corporation has a twelve month low of $38.67 and a twelve month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $59.96 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.82 and a beta of 0.92. The firm’s fifty day simple moving average is $48.28 and its 200 day simple moving average is $48.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the previous year, the business posted $0.87 EPS. The firm’s revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. Truist Financial’s payout ratio is currently 51.61%.

Analysts Set New Price Targets

TFC has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group restated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $55.59.

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.