M&T Bank Corp Sells 10,321 Shares of Truist Financial Corporation (NYSE:TFC)

M&T Bank Corp reduced its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 170,853 shares of the insurance provider's stock after selling 10,321 shares during the period. M&T Bank Corp's holdings in Truist Financial were worth $7,030,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TFC. Hopwood Financial Services Inc. bought a new position in shares of Truist Financial during the fourth quarter worth about $26,000. Navigoe LLC acquired a new stake in Truist Financial during the 4th quarter valued at approximately $26,000. Centennial Bank AR increased its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the period. Sierra Ocean LLC increased its position in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the period. Finally, Rossby Financial LCC acquired a new position in shares of Truist Financial in the 1st quarter worth approximately $43,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 0.1%

Shares of NYSE:TFC traded down $0.04 during midday trading on Friday, hitting $45.46. 8,319,455 shares of the company's stock were exchanged, compared to its average volume of 8,327,899. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a market cap of $59.53 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. 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 stock has a 50 day moving average price of $41.10 and a 200-day moving average price of $42.02.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the company posted $0.90 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's payout ratio is currently 61.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Tuesday. JPMorgan Chase & Co. cut their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Wells Fargo & Company lowered their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Stephens decreased their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.44.

Truist Financial Company 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.