Cibc World Market Inc. Sells 3,456 Shares of Truist Financial Co. (NYSE:TFC)

Cibc World Market Inc. lessened its position in Truist Financial Co. (NYSE:TFCGet Rating) by 43.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,471 shares of the insurance provider’s stock after selling 3,456 shares during the quarter. Cibc World Market Inc.’s holdings in Truist Financial were worth $212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the stock. Nwam LLC grew its holdings in shares of Truist Financial by 4.3% in the second quarter. Nwam LLC now owns 9,204 shares of the insurance provider’s stock worth $447,000 after acquiring an additional 379 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Truist Financial by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 1,572,634 shares of the insurance provider’s stock valued at $74,590,000 after purchasing an additional 16,290 shares during the last quarter. Cerity Partners LLC grew its stake in Truist Financial by 244.1% during the 2nd quarter. Cerity Partners LLC now owns 285,335 shares of the insurance provider’s stock valued at $13,533,000 after purchasing an additional 202,402 shares during the last quarter. Qtron Investments LLC acquired a new stake in shares of Truist Financial during the 2nd quarter worth approximately $513,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Truist Financial during the 2nd quarter worth about $1,198,000. Hedge funds and other institutional investors own 73.31% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $46.43 on Friday. Truist Financial Co. has a 1 year low of $40.01 and a 1 year high of $68.95. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.78 and a quick ratio of 0.77. The stock’s fifty day moving average price is $44.58 and its two-hundred day moving average price is $46.95. The firm has a market cap of $61.60 billion, a PE ratio of 10.65, a PEG ratio of 1.18 and a beta of 1.07.

Truist Financial (NYSE:TFCGet Rating) last posted its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.05). The business had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.96 billion. Truist Financial had a return on equity of 12.13% and a net margin of 26.16%. Truist Financial’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. On average, equities research analysts forecast that Truist Financial Co. will post 4.92 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Thursday, November 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend is Wednesday, November 9th. Truist Financial’s payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

Several research firms have commented on TFC. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Truist Financial from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Monday, September 12th. Piper Sandler raised Truist Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $52.00 to $55.00 in a research report on Wednesday, September 28th. The Goldman Sachs Group cut their target price on shares of Truist Financial from $57.00 to $51.00 and set a “buy” rating on the stock in a research note on Friday, September 30th. Morgan Stanley increased their price target on Truist Financial from $55.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Royal Bank of Canada lowered their price objective on shares of Truist Financial from $70.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $55.09.

Truist Financial Company Profile

(Get Rating)

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. The firm operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The Consumer Banking and Wealth segment consists of Retail Community Banking, National Consumer Finance, Services, Payments, Wealth Management and Banking Products and Professional Services and Mortgage Banking.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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