126,035 Truist Financial Corporation $TFC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Truist Financial Corporation (NYSE:TFC) by 4.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,647,220 shares of the insurance provider’s stock after selling 126,035 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Truist Financial worth $122,566,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Truist Financial in the third quarter valued at about $13,915,000. Aviance Capital Partners LLC grew its holdings in shares of Truist Financial by 3.3% during the third quarter. Aviance Capital Partners LLC now owns 13,778 shares of the insurance provider’s stock worth $638,000 after purchasing an additional 438 shares during the last quarter. Profund Advisors LLC increased its stake in shares of Truist Financial by 6.2% in the third quarter. Profund Advisors LLC now owns 13,234 shares of the insurance provider’s stock valued at $613,000 after buying an additional 775 shares during the period. Cidel Asset Management Inc. increased its stake in shares of Truist Financial by 2.8% in the third quarter. Cidel Asset Management Inc. now owns 14,820 shares of the insurance provider’s stock valued at $686,000 after buying an additional 397 shares during the period. Finally, Aprio Wealth Management LLC increased its stake in shares of Truist Financial by 7.7% in the third quarter. Aprio Wealth Management LLC now owns 12,754 shares of the insurance provider’s stock valued at $591,000 after buying an additional 913 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TFC. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Tuesday, October 27th. Morgan Stanley cut shares of Truist Financial from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $62.00 to $54.00 in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a research report on Friday. Citigroup dropped their price target on shares of Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. Finally, Stephens cut their price target on shares of Truist Financial from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $53.82.

Truist Financial Stock Performance

TFC stock opened at $50.16 on Tuesday. The firm has a market cap of $60.11 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average price of $48.39 and a 200-day moving average price of $49.50. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the company earned $1.04 EPS. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial Corporation will post 4.71 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s payout ratio is 53.61%.

Insider Transactions at Truist Financial

In other Truist Financial news, CEO Michael Lyons purchased 25,000 shares of the company’s stock in a transaction on Wednesday, October 28th. The shares were purchased at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This represents a 119.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.15% of the company’s stock.

Truist Financial Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.