Envestnet Asset Management Inc. Trims Stock Position in Truist Financial Co. (NYSE:TFC)

Envestnet Asset Management Inc. decreased its holdings in Truist Financial Co. (NYSE:TFCFree Report) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,094,701 shares of the insurance provider’s stock after selling 74,947 shares during the quarter. Envestnet Asset Management Inc. owned 0.23% of Truist Financial worth $114,256,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Truist Financial in the fourth quarter worth about $307,787,000. Parnassus Investments LLC bought a new stake in Truist Financial during the 4th quarter worth approximately $95,049,000. North Reef Capital Management LP purchased a new position in Truist Financial during the third quarter valued at approximately $66,804,000. Charles Schwab Investment Management Inc. boosted its position in shares of Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after purchasing an additional 1,458,248 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in shares of Truist Financial by 9,218.0% in the fourth quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock worth $44,496,000 after purchasing an additional 1,192,257 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on TFC shares. UBS Group boosted their target price on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Stephens boosted their target price on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. Piper Sandler increased their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Tuesday, June 4th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

View Our Latest Analysis on Truist Financial

Truist Financial Price Performance

Truist Financial stock opened at $36.17 on Friday. The firm has a 50-day moving average of $38.08 and a two-hundred day moving average of $36.74. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFCGet Free Report) last announced its quarterly earnings data 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 company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. Truist Financial’s revenue was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.09 earnings per share. Equities analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.75%. Truist Financial’s dividend payout ratio is currently -157.58%.

About Truist Financial

(Free Report)

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.

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

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