Sumitomo Mitsui Trust Group Inc. Cuts Stake in Truist Financial Corporation $TFC

Sumitomo Mitsui Trust Group Inc. decreased its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,861,612 shares of the insurance provider's stock after selling 192,327 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Truist Financial worth $131,548,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. 3Chopt Investment Partners LLC lifted its stake in shares of Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after purchasing an additional 193 shares during the period. IFP Advisors Inc increased its holdings in Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock valued at $404,000 after buying an additional 194 shares in the last quarter. PCB Capital LLC lifted its position in shares of Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock valued at $310,000 after acquiring an additional 198 shares during the period. AlphaCore Capital LLC boosted its stake in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after acquiring an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC grew its holdings in shares of Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock worth $188,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group cut Truist Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $58.00 to $55.00 in a report on Tuesday. Citigroup lowered Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. JPMorgan Chase & Co. dropped their price target on Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Robert W. Baird downgraded Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a research note on Friday, May 1st. Finally, Stephens initiated coverage on shares of Truist Financial in a research report on Monday, June 15th. They issued an "overweight" rating and a $59.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $54.47.

Truist Financial Price Performance

NYSE:TFC traded up $0.34 during trading hours on Friday, reaching $51.71. 6,037,025 shares of the company traded hands, compared to its average volume of 10,161,204. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50-day moving average is $49.18 and its 200-day moving average is $49.44. The stock has a market cap of $64.43 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.90 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business's revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 earnings per share. Equities research analysts expect that Truist Financial Corporation will post 4.51 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial's dividend 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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