Investors Research Corp Trims Position in Truist Financial Co. (NYSE:TFC)

Investors Research Corp reduced its position in Truist Financial Co. (NYSE:TFC) by 0.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,171 shares of the insurance provider’s stock after selling 308 shares during the quarter. Investors Research Corp’s holdings in Truist Financial were worth $1,846,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the third quarter worth approximately $26,000. Crewe Advisors LLC purchased a new position in shares of Truist Financial during the 1st quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial in the 3rd quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter worth approximately $30,000. Finally, Y.D. More Investments Ltd bought a new position in Truist Financial during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Compass Point upped their price objective on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Morgan Stanley increased their target price 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 reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, UBS Group lifted their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $46.37.

Truist Financial Stock Performance

Truist Financial stock traded up $0.30 during mid-day trading on Thursday, reaching $46.48. 297,824 shares of the stock traded hands, compared to its average volume of 8,272,142. The stock has a market capitalization of $61.70 billion, a PE ratio of -32.29, a price-to-earnings-growth ratio of 1.92 and a beta of 1.05. 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 business’s 50-day moving average is $43.45 and its 200-day moving average is $41.41. Truist Financial Co. has a 12-month low of $31.23 and a 12-month high of $47.57.

Truist Financial (NYSE:TFC) last released its quarterly earnings results 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 business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, sell-side analysts predict that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.48%. Truist Financial’s dividend payout ratio is currently -145.45%.

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.