Truist Financial Corporation (NYSE:TFC) Shares Sold by Equity Investment Corp

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

Several other institutional investors and hedge funds have also bought and sold shares of the company. Navigoe LLC purchased a new stake in shares of Truist Financial during the fourth quarter valued at $26,000. Centennial Bank AR grew its holdings in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after buying an additional 580 shares during the last quarter. Sierra Ocean LLC grew its holdings in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after buying an additional 352 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of Truist Financial during the first quarter valued at $43,000. Finally, Curio Wealth LLC purchased a new stake in shares of Truist Financial during the fourth quarter valued at $45,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company lowered their price target on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Argus set a $43.00 price target on shares of Truist Financial in a report on Monday, April 21st. JPMorgan Chase & Co. lowered 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. 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 investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $48.44.

Truist Financial Price Performance

Shares of TFC traded down $0.56 during mid-day trading on Friday, hitting $44.45. 7,255,726 shares of the company were exchanged, compared to its average volume of 8,362,594. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50 day moving average of $41.56 and a 200-day moving average of $42.05. The stock has a market cap of $58.20 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.67 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm's revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. Truist Financial's payout ratio is 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.