Hartford Investment Management Co. Sells 1,293 Shares of Truist Financial Co. (NYSE:TFC)

Hartford Investment Management Co. lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 84,182 shares of the insurance provider’s stock after selling 1,293 shares during the quarter. Hartford Investment Management Co.’s holdings in Truist Financial were worth $3,600,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TFC. Capital International Investors increased its holdings in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Legal & General Group Plc grew its position in shares of Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after purchasing an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Truist Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Truist Financial Corp lifted its position in shares of Truist Financial by 6.7% in the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after buying an additional 311,523 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after buying an additional 1,261,598 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.1 %

TFC opened at $43.44 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. The firm has a market cap of $58.13 billion, a price-to-earnings ratio of -32.91, a PEG ratio of 1.83 and a beta of 1.05. Truist Financial Co. has a 12 month low of $27.01 and a 12 month high of $45.31. The stock has a fifty day moving average price of $42.76 and a 200-day moving average price of $40.41.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, equities research analysts anticipate that Truist Financial Co. will post 3.57 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.79%. Truist Financial’s payout ratio is -157.58%.

Analyst Ratings Changes

Several analysts have recently issued reports on TFC shares. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens restated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Wednesday, July 17th. Finally, Argus lifted their target price on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.02.

About Truist Financial

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.