Letko Brosseau & Associates Inc. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Letko Brosseau & Associates Inc. cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,691,761 shares of the insurance provider’s stock after selling 17,255 shares during the quarter. Truist Financial accounts for approximately 1.4% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 27th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Truist Financial were worth $73,389,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TFC. Comerica Bank grew its holdings in shares of Truist Financial by 3.6% in the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider’s stock worth $19,499,000 after purchasing an additional 15,499 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Truist Financial by 48.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after acquiring an additional 971 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider’s stock valued at $48,085,000 after acquiring an additional 498,531 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after acquiring an additional 50,637 shares in the last quarter. Finally, Country Club Bank boosted its holdings in Truist Financial by 719.8% in the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock valued at $1,973,000 after acquiring an additional 39,949 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $38.88 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $50.91 billion, a PE ratio of 11.68, a P/E/G ratio of 1.63 and a beta of 0.83. The business has a 50-day simple moving average of $38.86 and a two-hundred day simple moving average of $43.30. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period last year, the firm earned $0.90 EPS. As a group, equities analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.35%. The ex-dividend date is Friday, May 9th. Truist Financial’s payout ratio is 61.36%.

Analysts Set New Price Targets

TFC has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Keefe, Bruyette & Woods reduced their price target on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Piper Sandler dropped their price target on Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. decreased their price target on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average price target of $48.06.

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.