Intech Investment Management LLC Trims Holdings in Truist Financial Corporation $TFC

Key Points

• Intech Investment Management LLC cut its Truist Financial stake by 78.8% in the fourth quarter, selling 49,584 shares and leaving it with 13,300 shares worth about $654,000.
• Truist Financial reported better-than-expected Q1 results, posting earnings of $1.09 per share versus the $1.00 consensus and revenue of $5.20 billion, up 5% year over year.
• The company also paid a quarterly dividend of $0.52 per share, equal to an annualized yield of about 4.3%, while analysts currently rate the stock Moderate Buy with a consensus target price of $55.59.

Intech Investment Management LLC trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 78.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,300 shares of the insurance provider's stock after selling 49,584 shares during the quarter. Intech Investment Management LLC's holdings in Truist Financial were worth $654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock worth $5,892,453,000 after acquiring an additional 701,049 shares during the period. Capital International Investors grew its holdings in Truist Financial by 0.3% during the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider's stock worth $4,921,717,000 after acquiring an additional 346,423 shares during the period. Wellington Management Group LLP grew its holdings in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Dimensional Fund Advisors LP grew its holdings in Truist Financial by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider's stock worth $388,300,000 after acquiring an additional 168,464 shares during the period. Finally, Legal & General Group Plc grew its holdings in Truist Financial by 0.6% during the fourth quarter. Legal & General Group Plc now owns 7,946,971 shares of the insurance provider's stock worth $391,070,000 after acquiring an additional 44,167 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Weiss Ratings raised Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Royal Bank Of Canada raised their price objective on Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a report on Monday, April 20th. JPMorgan Chase & Co. dropped their price objective on Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Finally, Robert W. Baird lowered Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.59.

Truist Financial Stock Performance

NYSE TFC opened at $48.84 on Tuesday. The stock's fifty day moving average is $48.70 and its two-hundred day moving average is $49.03. The firm has a market capitalization of $60.85 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share. On average, research analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. Truist Financial's payout ratio is 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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