Parnassus Investments LLC Sells 44,841 Shares of Truist Financial Co. (NYSE:TFC)

Parnassus Investments LLC trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 2.2% in the third quarter, Holdings Channel reports. The fund owned 1,966,004 shares of the insurance provider’s stock after selling 44,841 shares during the period. Parnassus Investments LLC’s holdings in Truist Financial were worth $84,086,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TFC. Intech Investment Management LLC acquired a new stake in Truist Financial during the 1st quarter worth approximately $344,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Truist Financial by 46.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 111,963 shares of the insurance provider’s stock worth $4,364,000 after acquiring an additional 35,636 shares during the period. UniSuper Management Pty Ltd lifted its position in Truist Financial by 1,117.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 23,552 shares of the insurance provider’s stock valued at $918,000 after acquiring an additional 21,617 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Truist Financial by 44.2% in the 1st quarter. Lake Street Advisors Group LLC now owns 8,299 shares of the insurance provider’s stock worth $323,000 after purchasing an additional 2,544 shares during the period. Finally, National Bank of Canada FI increased its holdings in Truist Financial by 41.8% during the 1st quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock worth $72,446,000 after purchasing an additional 541,037 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 0.5 %

Shares of TFC opened at $46.79 on Tuesday. The firm has a market cap of $62.11 billion, a P/E ratio of -32.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $47.57. The firm’s 50-day simple moving average is $43.27 and its 200 day simple moving average is $41.33.

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. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.45%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFC. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Bank of America upped their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. 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. Compass Point increased their target price on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Morgan Stanley lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company 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.