Sumitomo Mitsui Trust Group Inc. Buys 8,341 Shares of Truist Financial Co. (NYSE:TFC)

Sumitomo Mitsui Trust Group Inc. boosted its position in Truist Financial Co. (NYSE:TFC) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,981,325 shares of the insurance provider’s stock after acquiring an additional 8,341 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Truist Financial worth $127,511,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Crewe Advisors LLC bought a new stake in Truist Financial in the first quarter worth $27,000. MFA Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the 2nd quarter valued at about $31,000. Fortitude Family Office LLC grew its position in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the last quarter. Finally, Hobbs Group Advisors LLC purchased a new position in Truist Financial in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Stephens reissued an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. UBS Group upped their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group cut their target price on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $46.02.

Truist Financial Price Performance

TFC opened at $46.51 on Thursday. Truist Financial Co. has a 1 year low of $30.31 and a 1 year high of $47.57. The stock has a 50-day moving average price of $42.97 and a 200-day moving average price of $41.09. The firm has a market cap of $61.74 billion, a PE ratio of -32.52, a P/E/G ratio of 1.92 and a beta of 1.05. 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 (NYSE:TFC) last issued 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 firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Sell-side analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

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.