First Horizon Advisors Inc. Sells 3,364 Shares of Truist Financial Co. (NYSE:TFC)

First Horizon Advisors Inc. trimmed its position in Truist Financial Co. (NYSE:TFC) by 16.2% during the third quarter, Holdings Channel reports. The institutional investor owned 17,396 shares of the insurance provider’s stock after selling 3,364 shares during the quarter. First Horizon Advisors Inc.’s holdings in Truist Financial were worth $744,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Legal & General Group Plc grew its stake in shares of Truist Financial by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 buying an additional 299,196 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Truist Financial by 6.7% during the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after purchasing an additional 311,523 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Truist Financial by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after buying an additional 58,349 shares during the last quarter. Finally, National Pension Service raised its holdings in Truist Financial by 14.5% during the 3rd quarter. National Pension Service now owns 3,401,518 shares of the insurance provider’s stock worth $145,483,000 after purchasing an additional 431,741 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TFC. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group lowered their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. UBS Group raised their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company raised their price target on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $46.37.

Truist Financial Price Performance

TFC opened at $46.91 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 1 year low of $31.23 and a 1 year high of $47.57. The firm has a market cap of $62.27 billion, a price-to-earnings ratio of -32.80, a PEG ratio of 1.92 and a beta of 1.05. The stock’s 50 day simple moving average is $43.56 and its 200 day simple moving average is $41.45.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is presently -145.45%.

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.