Pitcairn Co. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Pitcairn Co. lowered its holdings in Truist Financial Co. (NYSE:TFC) by 5.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 18,221 shares of the insurance provider’s stock after selling 1,034 shares during the quarter. Pitcairn Co.’s holdings in Truist Financial were worth $779,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. M&G Plc acquired a new stake in Truist Financial during the 2nd quarter worth $2,804,000. Dimensional Fund Advisors LP increased its position in shares of Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares in the last quarter. Boston Common Asset Management LLC grew its stake in Truist Financial by 66.4% during the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after buying an additional 61,683 shares during the last quarter. PGGM Investments acquired a new position in Truist Financial during the first quarter worth approximately $611,000. Finally, Concord Asset Management LLC VA lifted its stake in Truist Financial by 523.4% in the third quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock valued at $2,809,000 after buying an additional 55,149 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 2.5 %

Shares of Truist Financial stock opened at $47.96 on Monday. The company has a 50-day moving average of $43.68 and a two-hundred day moving average of $41.54. The stock has a market cap of $63.67 billion, a PE ratio of -33.54, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12-month low of $31.23 and a 12-month high of $48.06.

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

Truist Financial Dividend Announcement

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 given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.34%. Truist Financial’s dividend payout ratio is presently -145.45%.

Wall Street Analyst Weigh In

TFC has been the topic of a number of research reports. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Stephens restated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Compass Point increased their price objective on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.37.

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.