Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Truist Financial Corporation $TFC

Sumitomo Mitsui Trust Group Inc. reduced its position in Truist Financial Corporation (NYSE:TFC) by 6.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,861,612 shares of the insurance provider’s stock after selling 192,327 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Truist Financial were worth $131,548,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. acquired a new position in Truist Financial in the fourth quarter valued at $26,000. McMillan Office Inc. acquired a new position in Truist Financial in the fourth quarter valued at $31,000. Maseco LLP lifted its position in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its position in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on TFC shares. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Stephens assumed coverage on shares of Truist Financial in a report on Monday, June 15th. They set an “overweight” rating and a $59.00 price objective on the stock. Evercore reissued an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research report on Monday. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $54.47.

Truist Financial Trading Up 0.7%

Truist Financial stock traded up $0.34 during midday trading on Friday, reaching $51.71. The stock had a trading volume of 6,037,025 shares, compared to its average volume of 10,161,204. The stock’s 50-day simple moving average is $49.18 and its 200 day simple moving average is $49.44. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $64.43 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.90 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. Analysts expect that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s payout ratio is presently 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.