Principal Financial Group Inc. Sells 19,729 Shares of Truist Financial Corporation (NYSE:TFC)

Principal Financial Group Inc. lessened its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,466,471 shares of the insurance provider's stock after selling 19,729 shares during the period. Principal Financial Group Inc. owned about 0.11% of Truist Financial worth $60,345,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital International Investors boosted its position 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 purchasing an additional 18,712,246 shares during the period. Norges Bank bought a new position in Truist Financial during the fourth quarter worth about $402,828,000. FMR LLC boosted its position in Truist Financial by 109.1% during the fourth 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 during the period. Raymond James Financial Inc. bought a new position in Truist Financial during the fourth quarter worth about $198,051,000. Finally, Northern Trust Corp boosted its position in Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of TFC stock traded down $0.36 during trading hours on Monday, hitting $45.18. 7,072,972 shares of the company's stock were exchanged, compared to its average volume of 8,271,157. The company has a market capitalization of $59.17 billion, a PE ratio of 13.33, a PEG ratio of 1.69 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 business's 50 day simple moving average is $40.44 and its 200-day simple moving average is $41.94. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55.

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

Truist Financial Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 61.36%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research reports. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Piper Sandler cut their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their price objective on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Stephens cut their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Wells Fargo & Company cut their price objective on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Eight equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

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.