QRG Capital Management Inc. Reduces Holdings in Truist Financial Co. (NYSE:TFC)

QRG Capital Management Inc. lessened its position in shares of Truist Financial Co. (NYSE:TFC) by 19.1% during the third quarter, Holdings Channel reports. The institutional investor owned 168,079 shares of the insurance provider’s stock after selling 39,657 shares during the quarter. QRG Capital Management Inc.’s holdings in Truist Financial were worth $7,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. CreativeOne Wealth LLC purchased a new position in shares of Truist Financial during the 1st quarter valued at $516,000. M&G Plc purchased a new stake in Truist Financial during the 2nd quarter worth about $2,804,000. Dimensional Fund Advisors LP lifted its holdings in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares in the last quarter. Boston Common Asset Management LLC lifted its holdings in Truist Financial by 66.4% during the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after purchasing an additional 61,683 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in Truist Financial by 6.7% during the 1st quarter. Empowered Funds LLC now owns 71,319 shares of the insurance provider’s stock worth $2,780,000 after purchasing an additional 4,456 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $42.32 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day simple moving average is $42.76 and its two-hundred day simple moving average is $40.81. The stock has a market capitalization of $56.67 billion, a P/E ratio of -29.59, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. Truist Financial Co. has a one year low of $28.93 and a one year high of $45.31.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid 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 4.91%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TFC. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. The Goldman Sachs Group dropped their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Stephens restated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada upped their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $46.02.

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.