Truist Financial Co. (NYSE:TFC) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 39.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,919 shares of the insurance provider’s stock after selling 61,515 shares during the quarter. Advisors Asset Management Inc.’s holdings in Truist Financial were worth $4,060,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TFC. Prospera Private Wealth LLC boosted its holdings in shares of Truist Financial by 4.0% during the third quarter. Prospera Private Wealth LLC now owns 16,739 shares of the insurance provider’s stock valued at $716,000 after acquiring an additional 642 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Truist Financial in the 3rd quarter valued at about $11,655,000. First City Capital Management Inc. boosted its stake in Truist Financial by 28.9% during the 3rd quarter. First City Capital Management Inc. now owns 14,581 shares of the insurance provider’s stock valued at $624,000 after purchasing an additional 3,272 shares during the period. Verity & Verity LLC grew its position in Truist Financial by 1.2% in the 3rd quarter. Verity & Verity LLC now owns 388,139 shares of the insurance provider’s stock worth $16,601,000 after purchasing an additional 4,534 shares during the last quarter. Finally, Pathstone Holdings LLC increased its stake in shares of Truist Financial by 0.5% in the third quarter. Pathstone Holdings LLC now owns 166,827 shares of the insurance provider’s stock valued at $7,135,000 after purchasing an additional 890 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC opened at $47.96 on Friday. Truist Financial Co. has a one year low of $31.23 and a one year high of $48.06. The company has a 50-day moving average of $43.68 and a two-hundred day moving average of $41.51. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $63.67 billion, a price-to-earnings ratio of -33.54, a PEG ratio of 1.92 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, equities research analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.34%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley raised their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Wells Fargo & Company increased their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $46.37.

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.