Fee Only Financial Planning L.C. Lowers Position in Truist Financial Co. (NYSE:TFC)

Fee Only Financial Planning L.C. trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 13.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,146 shares of the insurance provider’s stock after selling 2,736 shares during the quarter. Truist Financial makes up about 0.5% of Fee Only Financial Planning L.C.’s portfolio, making the stock its 20th biggest holding. Fee Only Financial Planning L.C.’s holdings in Truist Financial were worth $733,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors grew its holdings in Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the period. Assenagon Asset Management S.A. grew its stake in Truist Financial by 316.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after acquiring an additional 1,609,351 shares during the period. Swedbank AB purchased a new stake in Truist Financial in the 1st quarter worth $29,957,000. National Bank of Canada FI raised its position in Truist Financial by 41.8% during the first quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock worth $72,446,000 after acquiring an additional 541,037 shares during the period. Finally, GW Henssler & Associates Ltd. lifted its holdings in Truist Financial by 4,435.3% during the third quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after purchasing an additional 494,007 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Stephens restated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. Argus increased their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Barclays increased their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Price Performance

NYSE TFC opened at $45.22 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average of $42.88 and a two-hundred day moving average of $40.94. Truist Financial Co. has a 1-year low of $28.93 and a 1-year high of $47.03.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

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.