Los Angeles Capital Management LLC Cuts Stock Position in Truist Financial Co. (NYSE:TFC)

Los Angeles Capital Management LLC trimmed its stake in shares of Truist Financial Co. (NYSE:TFC) by 25.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,519 shares of the insurance provider’s stock after selling 56,885 shares during the period. Los Angeles Capital Management LLC’s holdings in Truist Financial were worth $7,165,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TFC. Capital International Investors boosted its holdings in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Truist Financial by 316.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the last quarter. Swedbank AB purchased a new stake in shares of Truist Financial during the first quarter worth $29,957,000. National Bank of Canada FI lifted its stake in shares of Truist Financial by 41.8% in the first quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock worth $72,446,000 after buying an additional 541,037 shares in the last quarter. Finally, GW Henssler & Associates Ltd. lifted its stake in shares of Truist Financial by 4,435.3% in the third quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock worth $21,605,000 after buying an additional 494,007 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 2.7 %

NYSE TFC opened at $46.44 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $61.65 billion, a price-to-earnings ratio of -32.48, a PEG ratio of 1.86 and a beta of 1.05. The firm has a 50 day simple moving average of $42.88 and a 200-day simple moving average of $40.97. Truist Financial Co. has a one year low of $28.97 and a one year high of $47.03.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 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 during the quarter, compared to analysts’ expectations of $5.05 billion. Equities research analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

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 issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.48%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Barclays lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Stephens reissued an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.