KBC Group NV Cuts Stake in Truist Financial Co. (NYSE:TFC)

KBC Group NV lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 63.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,032,130 shares of the insurance provider’s stock after selling 1,777,944 shares during the period. KBC Group NV’s holdings in Truist Financial were worth $44,144,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in TFC. Crewe Advisors LLC purchased a new stake in shares of Truist Financial during the 1st quarter worth approximately $27,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter worth $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial in the second quarter valued at $31,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the last quarter. Finally, Hobbs Group Advisors LLC bought a new position in shares of Truist Financial during the 2nd quarter worth $38,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley boosted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Barclays increased their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Down 0.6 %

Shares of NYSE:TFC opened at $46.25 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 52-week low of $31.12 and a 52-week high of $47.57. The firm has a fifty day moving average of $43.03 and a 200 day moving average of $41.13.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Sell-side analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Truist Financial Company 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.