Morningstar Investment Services LLC Cuts Holdings in Truist Financial Corporation (NYSE:TFC)

Morningstar Investment Services LLC cut its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 55.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,963 shares of the insurance provider's stock after selling 49,336 shares during the period. Morningstar Investment Services LLC's holdings in Truist Financial were worth $1,603,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Capital International Investors lifted its holdings in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after buying an additional 18,712,246 shares during the period. Norges Bank acquired a new position in Truist Financial during the fourth quarter worth $402,828,000. Victory Capital Management Inc. raised its stake in shares of Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after acquiring an additional 6,012,817 shares in the last quarter. FMR LLC grew its stake in Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after buying an additional 2,452,239 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Up 1.7%

NYSE:TFC traded up $0.76 during trading hours on Monday, hitting $45.01. 4,909,802 shares of the stock were exchanged, compared to its average volume of 8,347,712. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company's 50 day moving average is $41.67 and its two-hundred day moving average is $42.04. The company has a market capitalization of $58.94 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The firm's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's payout ratio is currently 56.68%.

Analysts Set New Price Targets

A number of brokerages have weighed in on TFC. Wells Fargo & Company reduced their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a report on Monday. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.72.

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.