Cerity Partners LLC Reduces Holdings in Truist Financial Corporation (NYSE:TFC)

Cerity Partners LLC cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,506 shares of the insurance provider's stock after selling 16,602 shares during the quarter. Cerity Partners LLC's holdings in Truist Financial were worth $21,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Navigoe LLC purchased a new stake in Truist Financial in the 4th quarter worth approximately $26,000. Centennial Bank AR lifted its stake in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after purchasing an additional 580 shares in the last quarter. Sierra Ocean LLC lifted its stake in Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after purchasing an additional 352 shares in the last quarter. Curio Wealth LLC purchased a new stake in Truist Financial in the 4th quarter worth approximately $45,000. Finally, Rossby Financial LCC purchased a new stake in Truist Financial in the 1st quarter worth approximately $43,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Piper Sandler decreased their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a report on Tuesday, July 8th. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.44.

Truist Financial Trading Down 0.1%

Truist Financial stock traded down $0.05 during trading hours on Wednesday, reaching $44.33. The stock had a trading volume of 11,339,966 shares, compared to its average volume of 8,350,182. The stock has a market cap of $58.05 billion, a PE ratio of 13.08, a PEG ratio of 1.72 and a beta of 0.85. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. The company has a fifty day simple moving average of $41.34 and a 200-day simple moving average of $42.02.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same quarter last year, the firm earned $0.90 EPS. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is presently 61.36%.

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.