Intact Investment Management Inc. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Intact Investment Management Inc. cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,200 shares of the insurance provider’s stock after selling 6,760 shares during the quarter. Intact Investment Management Inc.’s holdings in Truist Financial were worth $8,598,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TFC. Assetmark Inc. increased its position in shares of Truist Financial by 15.9% during the 3rd quarter. Assetmark Inc. now owns 46,598 shares of the insurance provider’s stock valued at $1,993,000 after purchasing an additional 6,407 shares during the last quarter. Sigma Planning Corp increased its position in shares of Truist Financial by 5.7% during the 3rd quarter. Sigma Planning Corp now owns 20,467 shares of the insurance provider’s stock valued at $875,000 after purchasing an additional 1,106 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Truist Financial in the 3rd quarter worth about $45,000. Apollon Wealth Management LLC increased its holdings in Truist Financial by 14.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 49,157 shares of the insurance provider’s stock worth $2,102,000 after acquiring an additional 6,136 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in Truist Financial by 14.2% in the 3rd quarter. Harbour Investments Inc. now owns 4,313 shares of the insurance provider’s stock worth $184,000 after acquiring an additional 537 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on TFC. Citigroup lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Compass Point lifted their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Raymond James lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.16.

Truist Financial Stock Performance

Shares of TFC opened at $39.43 on Friday. The company has a market cap of $51.48 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average price of $45.45 and a 200-day moving average price of $44.58. Truist Financial Co. has a 12-month low of $34.51 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.81 EPS. As a group, equities analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.27%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Truist Financial Company 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.