Sumitomo Mitsui Trust Holdings Inc. Sells 26,804 Shares of Truist Financial Co. (NYSE:TFC)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in Truist Financial Co. (NYSE:TFC) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,200,675 shares of the insurance provider’s stock after selling 26,804 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Truist Financial were worth $124,762,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new stake in Truist Financial in the first quarter worth $29,000. Missouri Trust & Investment Co increased its stake in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 593 shares during the period. Rise Advisors LLC purchased a new stake in Truist Financial in the first quarter worth $32,000. Morton Brown Family Wealth LLC increased its stake in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the period. Finally, Northwest Financial Advisors purchased a new stake in Truist Financial in the fourth quarter worth $34,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Down 0.9 %

NYSE TFC traded down $0.34 during trading on Wednesday, hitting $39.22. The company’s stock had a trading volume of 1,082,990 shares, compared to its average volume of 8,618,693. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $52.48 billion, a PE ratio of -29.92, a P/E/G ratio of 2.04 and a beta of 1.07. The business’s 50 day simple moving average is $37.93 and its 200-day simple moving average is $37.19. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $40.51.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the company earned $1.09 earnings per share. On average, equities analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date was Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Analysts Set New Price Targets

A number of analysts have weighed in on TFC shares. Keefe, Bruyette & Woods increased their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Barclays started coverage on Truist Financial in a research note on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 target price on the stock. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Evercore ISI restated an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a research note on Thursday, May 9th. Finally, Piper Sandler raised their price target on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $43.17.

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.