Cibc World Markets Corp Lowers Holdings in Truist Financial Co. (NYSE:TFC)

Cibc World Markets Corp lowered its position in Truist Financial Co. (NYSE:TFC) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 240,852 shares of the insurance provider’s stock after selling 18,508 shares during the quarter. Cibc World Markets Corp’s holdings in Truist Financial were worth $10,448,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Truist Financial during the 4th quarter worth $198,051,000. State Street Corp lifted its stake in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after acquiring an additional 2,720,223 shares during the period. Amundi grew its holdings in Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares in the last quarter. KBC Group NV increased its position in Truist Financial by 96.9% during the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock valued at $88,144,000 after purchasing an additional 999,763 shares during the period. Finally, HighTower Advisors LLC raised its holdings in shares of Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after purchasing an additional 807,648 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Down 0.5 %

Shares of NYSE:TFC opened at $40.84 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52-week low of $35.06 and a 52-week high of $49.06. The stock has a market cap of $53.32 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.63 and a beta of 1.08. The business has a 50-day moving average price of $45.26 and a 200-day moving average price of $44.52.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 EPS. Equities analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.09%. Truist Financial’s payout ratio is 62.46%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Compass Point lifted their price target on Truist Financial from $47.00 to $56.00 and gave the company 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 boosted their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Piper Sandler raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $51.16.

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.