Truist Financial Co. (NYSE:TFC) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its stake in Truist Financial Co. (NYSE:TFC) by 65.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,039,144 shares of the insurance provider’s stock after selling 3,894,667 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.15% of Truist Financial worth $88,458,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Ascent Group LLC acquired a new position in Truist Financial in the 3rd quarter valued at about $210,000. Janus Henderson Group PLC grew its position in Truist Financial by 7.5% in the third quarter. Janus Henderson Group PLC now owns 176,817 shares of the insurance provider’s stock worth $7,558,000 after acquiring an additional 12,400 shares during the period. Integrated Wealth Concepts LLC raised its position in Truist Financial by 43.2% in the third quarter. Integrated Wealth Concepts LLC now owns 34,490 shares of the insurance provider’s stock valued at $1,475,000 after purchasing an additional 10,402 shares during the period. IHT Wealth Management LLC lifted its stake in shares of Truist Financial by 64.9% in the 3rd quarter. IHT Wealth Management LLC now owns 15,448 shares of the insurance provider’s stock valued at $656,000 after purchasing an additional 6,080 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in shares of Truist Financial by 1.5% during the 3rd quarter. Royal London Asset Management Ltd. now owns 1,098,989 shares of the insurance provider’s stock worth $47,004,000 after purchasing an additional 16,059 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and upped their target price for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Wells Fargo & Company lowered their price objective on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Stephens boosted their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley raised their price target on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.42.

Truist Financial Stock Performance

Shares of TFC stock opened at $34.80 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $43.97 and a 200-day simple moving average of $44.30. The company has a market cap of $45.43 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 12-month low of $33.71 and a 12-month high of $49.06.

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

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.98%. Truist Financial’s payout ratio is currently 62.46%.

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.