ABN Amro Investment Solutions Trims Holdings in Truist Financial Corporation $TFC

ABN Amro Investment Solutions trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 45.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,543 shares of the insurance provider’s stock after selling 51,761 shares during the period. ABN Amro Investment Solutions’ holdings in Truist Financial were worth $2,875,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial during the 4th quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial during the 4th quarter worth about $26,000. McMillan Office Inc. purchased a new position in Truist Financial in the 4th quarter valued at about $31,000. Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. Finally, Maseco LLP boosted its holdings in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC opened at $51.18 on Friday. The stock has a fifty day simple moving average of $49.72 and a 200-day simple moving average of $49.55. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock has a market cap of $63.77 billion, a PE ratio of 11.74, a P/E/G ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the firm earned $0.91 EPS. Truist Financial’s revenue was up 5.6% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TFC shares. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Evercore restated an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Stephens dropped their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $54.61.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.