Zurcher Kantonalbank Zurich Cantonalbank Sells 97,221 Shares of Truist Financial Co. (NYSE:TFC)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Truist Financial Co. (NYSE:TFC) by 27.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 259,016 shares of the insurance provider’s stock after selling 97,221 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Truist Financial were worth $11,236,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TFC. Bangor Savings Bank boosted its position in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial during the third quarter worth $32,000. Ashton Thomas Securities LLC bought a new stake in shares of Truist Financial in the third quarter worth $45,000. Finally, True Wealth Design LLC acquired a new stake in Truist Financial in the third quarter valued at $51,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on TFC. Wells Fargo & Company lifted their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $39.80 on Thursday. The business has a 50-day simple moving average of $45.53 and a 200 day simple moving average of $44.62. The firm has a market capitalization of $51.95 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a one year low of $34.51 and a one year high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Truist Financial 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.