Equity Investment Corp Sells 34,355 Shares of Truist Financial Corporation (NYSE:TFC)

Equity Investment Corp decreased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,180,388 shares of the insurance provider's stock after selling 34,355 shares during the quarter. Truist Financial accounts for approximately 2.0% of Equity Investment Corp's investment portfolio, making the stock its 28th largest position. Equity Investment Corp owned 0.17% of Truist Financial worth $89,723,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Capital International Investors boosted its position in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after acquiring an additional 18,712,246 shares in the last quarter. Geode Capital Management LLC lifted its stake in Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider's stock worth $1,210,348,000 after purchasing an additional 534,740 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Truist Financial by 13.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock valued at $465,827,000 after purchasing an additional 1,307,252 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Argus set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 21st. TD Cowen initiated coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective for the company. Finally, Stephens decreased their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Eight 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.44.

Truist Financial Trading Up 1.6%

Truist Financial stock traded up $0.70 during mid-day trading on Thursday, hitting $45.06. 7,677,438 shares of the stock were exchanged, compared to its average volume of 8,358,602. The stock has a market capitalization of $59.01 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.67 and a beta of 0.85. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm's fifty day simple moving average is $41.45 and its two-hundred day simple moving average is $42.04.

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

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.62%. Truist Financial's dividend payout ratio is currently 61.36%.

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.