American International Group Inc. Sells 33,582 Shares of Truist Financial Co. (NYSE:TFC)

American International Group Inc. lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 354,559 shares of the insurance provider’s stock after selling 33,582 shares during the quarter. American International Group Inc.’s holdings in Truist Financial were worth $13,821,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TFC. Norges Bank bought a new stake in Truist Financial during the fourth quarter valued at $307,787,000. Parnassus Investments LLC bought a new stake in Truist Financial during the fourth quarter valued at $95,049,000. Azora Capital LP bought a new stake in Truist Financial during the fourth quarter valued at $72,498,000. Charles Schwab Investment Management Inc. boosted its position in Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after acquiring an additional 1,458,248 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after acquiring an additional 1,261,598 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock traded up $0.98 on Thursday, reaching $44.59. 2,887,662 shares of the company traded hands, compared to its average volume of 8,492,433. The company has a 50 day moving average of $38.64 and a 200 day moving average of $37.66. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.82. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $44.71. The firm has a market capitalization of $59.67 billion, a PE ratio of -33.70, a PEG ratio of 2.11 and a beta of 1.07.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the firm earned $0.95 EPS. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. Equities analysts forecast that Truist Financial Co. will post 3.52 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TFC shares. UBS Group increased their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Barclays increased their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.05.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

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.