Zions Bancorporation N.A. Has $6.08 Million Stake in Truist Financial Co. (NYSE:TFC)

Zions Bancorporation N.A. trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 2.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,169 shares of the insurance provider’s stock after selling 3,276 shares during the period. Zions Bancorporation N.A.’s holdings in Truist Financial were worth $6,081,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its stake in shares of Truist Financial by 10.6% in the first quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after acquiring an additional 22,182 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Truist Financial by 13.4% in the first quarter. Bleakley Financial Group LLC now owns 33,902 shares of the insurance provider’s stock worth $1,322,000 after acquiring an additional 4,012 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Truist Financial in the first quarter worth about $443,000. Kingsview Wealth Management LLC lifted its holdings in shares of Truist Financial by 9.7% in the first quarter. Kingsview Wealth Management LLC now owns 74,846 shares of the insurance provider’s stock worth $2,917,000 after acquiring an additional 6,640 shares during the last quarter. Finally, HBK Sorce Advisory LLC increased its stake in shares of Truist Financial by 21.8% in the first quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock valued at $303,000 after buying an additional 1,392 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, July 17th. Finally, Stephens reiterated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Performance

Shares of TFC opened at $46.51 on Thursday. The company has a market cap of $61.74 billion, a PE ratio of -32.52, a price-to-earnings-growth ratio of 1.92 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $43.03 and a 200-day moving average price of $41.13. Truist Financial Co. has a 12-month low of $30.31 and a 12-month high of $47.57.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.47%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Truist Financial Company Profile

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.