Sumitomo Mitsui Trust Holdings Inc. Decreases Stake in Truist Financial Co. (NYSE:TFC)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Truist Financial Co. (NYSE:TFC) by 0.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,200,675 shares of the insurance provider’s stock after selling 26,804 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.24% of Truist Financial worth $124,762,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Truist Financial in the 1st quarter valued at about $29,000. Missouri Trust & Investment Co boosted its position in Truist Financial by 227.2% in the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after buying an additional 593 shares during the last quarter. Rise Advisors LLC purchased a new position in Truist Financial in the 1st quarter valued at about $32,000. Morton Brown Family Wealth LLC boosted its position in Truist Financial by 236.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares during the last quarter. Finally, Northwest Financial Advisors bought a new position in shares of Truist Financial during the fourth quarter worth about $34,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE:TFC traded down $0.34 during midday trading on Wednesday, hitting $39.22. 1,082,990 shares of the stock were exchanged, compared to its average volume of 8,618,693. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.51. The company has a market capitalization of $52.48 billion, a price-to-earnings ratio of -29.92, a P/E/G ratio of 2.04 and a beta of 1.07. The business has a 50-day moving average price of $37.93 and a two-hundred day moving average price of $37.19. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Sell-side analysts predict that Truist Financial Co. will post 3.36 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.30%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. Jefferies Financial Group increased their price target on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Stephens increased their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Piper Sandler increased their price target on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Finally, UBS Group increased their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.17.

Truist Financial Company 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.