Swiss Life Asset Management Ltd Lowers Stock Holdings in Truist Financial Corporation $TFC

Swiss Life Asset Management Ltd reduced its position in Truist Financial Corporation (NYSE:TFC) by 68.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 465,482 shares of the insurance provider’s stock after selling 1,000,017 shares during the period. Swiss Life Asset Management Ltd’s holdings in Truist Financial were worth $22,906,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Naples Global Advisors LLC boosted its holdings in shares of Truist Financial by 2.0% in the 4th quarter. Naples Global Advisors LLC now owns 17,095 shares of the insurance provider’s stock valued at $841,000 after purchasing an additional 337 shares during the last quarter. Colonial River Investments LLC boosted its holdings in shares of Truist Financial by 2.6% in the 4th quarter. Colonial River Investments LLC now owns 9,122 shares of the insurance provider’s stock valued at $449,000 after purchasing an additional 229 shares during the last quarter. Drive Wealth Management LLC acquired a new position in shares of Truist Financial in the 4th quarter valued at $212,000. D Orazio & Associates Inc. boosted its holdings in shares of Truist Financial by 4.5% in the 4th quarter. D Orazio & Associates Inc. now owns 6,107 shares of the insurance provider’s stock valued at $301,000 after purchasing an additional 263 shares during the last quarter. Finally, Advisor OS LLC acquired a new position in shares of Truist Financial in the 4th quarter valued at $211,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TFC. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Evercore reiterated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Royal Bank Of Canada lifted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Finally, Morgan Stanley decreased their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Stock Performance

NYSE:TFC opened at $47.96 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $59.75 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 0.84 and a beta of 0.92. The firm’s fifty day simple moving average is $47.96 and its 200 day simple moving average is $48.54. Truist Financial Corporation has a twelve month low of $38.27 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.87 EPS. As a group, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.3%. Truist Financial’s payout ratio is 51.61%.

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.