Truist Financial Corporation $TFC Holdings Decreased by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its position in Truist Financial Corporation (NYSE:TFC) by 73.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,267 shares of the insurance provider’s stock after selling 11,718 shares during the period. Convergence Investment Partners LLC’s holdings in Truist Financial were worth $210,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Independent Advisor Alliance grew its stake in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after buying an additional 29,191 shares in the last quarter. Cullen Capital Management LLC grew its stake in Truist Financial by 10.3% during the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after buying an additional 427,067 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in Truist Financial by 18.6% during the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after buying an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after buying an additional 10,706 shares in the last quarter. Finally, Versor Investments LP grew its stake in Truist Financial by 64.4% during the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after buying an additional 9,800 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $46.93 on Monday. The stock’s 50-day simple moving average is $47.78 and its 200 day simple moving average is $48.63. The firm has a market capitalization of $58.47 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.80 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. 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 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share. On average, analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.4%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Analyst Ratings Changes

A number of brokerages have issued reports on TFC. Evercore reiterated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Piper Sandler raised their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Friday, May 1st. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Finally, Argus raised their price objective on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial 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.