SouthState Corp Sells 1,107 Shares of Truist Financial Co. (NYSE:TFC)

SouthState Corp reduced its stake in Truist Financial Co. (NYSE:TFC) by 4.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 21,350 shares of the insurance provider’s stock after selling 1,107 shares during the quarter. SouthState Corp’s holdings in Truist Financial were worth $913,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. First City Capital Management Inc. lifted its holdings in shares of Truist Financial by 28.9% in the third quarter. First City Capital Management Inc. now owns 14,581 shares of the insurance provider’s stock valued at $624,000 after purchasing an additional 3,272 shares in the last quarter. Verity & Verity LLC raised its position in Truist Financial by 1.2% in the 3rd quarter. Verity & Verity LLC now owns 388,139 shares of the insurance provider’s stock valued at $16,601,000 after buying an additional 4,534 shares during the last quarter. Pathstone Holdings LLC lifted its stake in Truist Financial by 0.5% in the 3rd quarter. Pathstone Holdings LLC now owns 166,827 shares of the insurance provider’s stock valued at $7,135,000 after acquiring an additional 890 shares in the last quarter. Meeder Advisory Services Inc. boosted its position in Truist Financial by 5.7% during the 3rd quarter. Meeder Advisory Services Inc. now owns 28,097 shares of the insurance provider’s stock worth $1,202,000 after acquiring an additional 1,527 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $32,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE TFC opened at $46.63 on Wednesday. The firm has a market cap of $61.90 billion, a P/E ratio of -32.61, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The business’s 50 day moving average is $43.36 and its 200-day moving average is $41.38. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 1-year low of $31.23 and a 1-year high of $47.57.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Equities research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

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 given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.46%. Truist Financial’s payout ratio is presently -145.45%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. UBS Group boosted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Barclays upped their target price on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Wells Fargo & Company raised their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus 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.