Advisors Asset Management Inc. Has $4.06 Million Position in Truist Financial Co. (NYSE:TFC)

Advisors Asset Management Inc. reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 39.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 94,919 shares of the insurance provider’s stock after selling 61,515 shares during the period. Advisors Asset Management Inc.’s holdings in Truist Financial were worth $4,060,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CreativeOne Wealth LLC acquired a new position in Truist Financial in the 1st quarter worth about $516,000. M&G Plc bought a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $2,804,000. Dimensional Fund Advisors LP increased its holdings in Truist Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC raised its position in Truist Financial by 66.4% during the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after acquiring an additional 61,683 shares in the last quarter. Finally, PGGM Investments bought a new stake in Truist Financial in the first quarter worth approximately $611,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Up 2.5 %

Truist Financial stock opened at $47.96 on Friday. The business has a 50 day moving average price of $43.68 and a two-hundred day moving average price of $41.51. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $48.06. The stock has a market cap of $63.67 billion, a price-to-earnings ratio of -33.54, a price-to-earnings-growth ratio of 1.92 and a beta of 1.05.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.34%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Analysts Set New Price Targets

TFC has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Stephens reiterated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. UBS Group boosted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has a consensus 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.