Truist Financial Co. (NYSE:TFC) Shares Sold by Cibc World Markets Corp

Cibc World Markets Corp cut its position in Truist Financial Co. (NYSE:TFC) by 7.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 240,852 shares of the insurance provider’s stock after selling 18,508 shares during the period. Cibc World Markets Corp’s holdings in Truist Financial were worth $10,448,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $198,051,000. State Street Corp raised its holdings in Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares during the last quarter. Amundi raised its holdings in Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock valued at $1,040,718,000 after acquiring an additional 1,450,323 shares during the last quarter. KBC Group NV boosted its holdings in shares of Truist Financial by 96.9% during the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock worth $88,144,000 after purchasing an additional 999,763 shares during the last quarter. Finally, HighTower Advisors LLC boosted its holdings in shares of Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the subject of a number of recent research reports. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Piper Sandler raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Compass Point boosted their target price on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.16.

Truist Financial Price Performance

Shares of NYSE TFC opened at $40.84 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $53.32 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The stock’s 50-day moving average is $45.26 and its two-hundred day moving average is $44.52. Truist Financial Co. has a 1-year low of $35.06 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. Analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.09%. Truist Financial’s payout ratio is currently 62.46%.

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.