TCW Group Inc. Trims Stock Holdings in Truist Financial Co. (NYSE:TFC)

TCW Group Inc. trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,238 shares of the insurance provider’s stock after selling 427 shares during the quarter. TCW Group Inc.’s holdings in Truist Financial were worth $780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial in the third quarter valued at about $26,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial during the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the 2nd quarter valued at approximately $31,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial in the 3rd quarter valued at approximately $32,000. Finally, Fortitude Family Office LLC increased its holdings in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $45.73 on Friday. The firm has a market capitalization of $60.71 billion, a PE ratio of -31.98, a P/E/G ratio of 1.87 and a beta of 1.06. Truist Financial Co. has a 52 week low of $33.87 and a 52 week high of $49.06. The firm’s 50-day simple moving average is $44.95 and its 200 day simple moving average is $42.23. 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 (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, equities research analysts predict that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Citigroup increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. UBS Group lifted their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $48.12.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

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.