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

Principal Financial Group Inc. trimmed its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 hedge funds and other institutional investors also recently bought and sold shares of the company. Comerica Bank grew its position in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after purchasing an additional 15,499 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after purchasing an additional 498,531 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its position in Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after purchasing an additional 19,286 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Truist Financial by 2.8% during the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after acquiring an additional 60,848 shares in the last quarter. Finally, Assetmark Inc. boosted its position in shares of Truist Financial by 97.1% during the 4th quarter. Assetmark Inc. now owns 91,833 shares of the insurance provider's stock valued at $3,984,000 after acquiring an additional 45,235 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TFC. Wells Fargo & Company decreased their target price on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Barclays decreased their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. JPMorgan Chase & Co. decreased their target price 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. Finally, Raymond James Financial lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.44.

Truist Financial Price Performance

NYSE:TFC traded up $0.20 on Friday, reaching $45.23. The stock had a trading volume of 5,612,374 shares, compared to its average volume of 8,275,976. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a market capitalization of $59.23 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a fifty day moving average price of $40.44 and a 200-day moving average price of $41.94.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio is presently 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.