MAI Capital Management Decreases Stake in Truist Financial Co. (NYSE:TFC)

MAI Capital Management lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 13.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,139 shares of the insurance provider’s stock after selling 2,398 shares during the quarter. MAI Capital Management’s holdings in Truist Financial were worth $648,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. CreativeOne Wealth LLC acquired a new stake in Truist Financial during the first quarter worth approximately $516,000. 1832 Asset Management L.P. raised its holdings in Truist Financial by 57.1% during the first quarter. 1832 Asset Management L.P. now owns 497,373 shares of the insurance provider’s stock worth $19,388,000 after purchasing an additional 180,745 shares in the last quarter. LRI Investments LLC acquired a new stake in Truist Financial during the first quarter worth approximately $115,000. BOKF NA raised its holdings in Truist Financial by 1,680.4% during the first quarter. BOKF NA now owns 272,062 shares of the insurance provider’s stock worth $10,439,000 after purchasing an additional 256,781 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Truist Financial by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock worth $136,018,000 after purchasing an additional 58,349 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.96 on Friday. The firm has a market capitalization of $63.67 billion, a P/E ratio of -33.54, a PEG ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a one year low of $31.23 and a one year high of $48.06. The company’s fifty day moving average is $43.68 and its two-hundred day moving average is $41.51. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 annualized dividend and a dividend yield of 4.34%. Truist Financial’s payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TFC shares. UBS Group lifted their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. The Goldman Sachs Group cut their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.37.

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.