Amundi Sells 20,027,417 Shares of Truist Financial Corporation $TFC

Amundi decreased its stake in Truist Financial Corporation (NYSE:TFC) by 80.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,747,239 shares of the insurance provider’s stock after selling 20,027,417 shares during the period. Amundi owned 0.37% of Truist Financial worth $213,768,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Foster Victor Wealth Advisors LLC raised its holdings in shares of Truist Financial by 0.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock worth $2,804,000 after purchasing an additional 242 shares during the period. MGO One Seven LLC increased its position in Truist Financial by 0.9% in the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock worth $1,240,000 after buying an additional 246 shares during the last quarter. Klingman & Associates LLC increased its position in Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares during the last quarter. Haverford Trust Co raised its stake in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock valued at $319,000 after buying an additional 262 shares during the period. Finally, Keystone Financial Group Inc. lifted its position in shares of Truist Financial by 1.3% during the 2nd quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock valued at $942,000 after buying an additional 266 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent research reports. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Tuesday, October 21st. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.54 on Friday. The company has a 50 day moving average of $44.79 and a 200 day moving average of $43.99. The stock has a market cap of $60.81 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.03 and a beta of 0.90. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $48.53. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a yield of 4.4%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

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.