Massachusetts Financial Services Co. MA Trims Holdings in Truist Financial Co. (NYSE:TFC)

Massachusetts Financial Services Co. MA reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,933,811 shares of the insurance provider’s stock after selling 105,246 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Truist Financial were worth $253,789,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Integrated Investment Consultants LLC purchased a new stake in shares of Truist Financial in the third quarter valued at approximately $2,546,000. LPL Financial LLC raised its position in Truist Financial by 21.0% during the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after purchasing an additional 630,628 shares in the last quarter. Tradewinds LLC. lifted its holdings in shares of Truist Financial by 0.5% in the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after buying an additional 222 shares during the period. Intech Investment Management LLC grew its position in shares of Truist Financial by 34.5% during the 3rd quarter. Intech Investment Management LLC now owns 19,390 shares of the insurance provider’s stock worth $829,000 after buying an additional 4,975 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Truist Financial by 7.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 483,801 shares of the insurance provider’s stock valued at $20,692,000 after buying an additional 34,543 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on TFC shares. Morgan Stanley upped their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. UBS Group lifted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Stephens reiterated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Twelve equities research 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.com, the company currently has an average rating of “Hold” and a consensus target price of $46.37.

Truist Financial Stock Performance

TFC stock opened at $47.96 on Friday. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $48.06. 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 firm has a 50-day simple moving average of $43.68 and a 200-day simple moving average of $41.51.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates 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, analysts predict that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.34%. Truist Financial’s dividend payout ratio (DPR) is presently -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.