Truist Financial Co. (NYSE:TFC) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,451,235 shares of the insurance provider’s stock after selling 149,037 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Truist Financial were worth $746,389,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in TFC. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the 3rd quarter valued at about $26,000. Crewe Advisors LLC acquired a new position in shares of Truist Financial during the first quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial in the third quarter valued at $32,000. MFA Wealth Advisors LLC acquired a new position in Truist Financial in the 2nd quarter worth $30,000. Finally, Y.D. More Investments Ltd purchased a new position in Truist Financial in the 2nd quarter valued at about $31,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 1.6 %

Truist Financial stock opened at $46.91 on Friday. The firm’s 50 day moving average price is $43.56 and its two-hundred day moving average price is $41.45. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $62.27 billion, a price-to-earnings ratio of -32.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a 1 year low of $31.23 and a 1 year high of $47.57.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate 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 business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, research analysts predict that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.43%. Truist Financial’s dividend payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Wells Fargo & Company increased their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Compass Point boosted their target price on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Stephens reaffirmed an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, UBS Group boosted their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $46.37.

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.