Truist Financial Co. (NYSE:TFC) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,966,004 shares of the insurance provider’s stock after selling 44,841 shares during the period. Parnassus Investments LLC owned about 0.15% of Truist Financial worth $84,086,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Truist Financial during the third quarter worth $11,655,000. First City Capital Management Inc. boosted its holdings in shares of Truist Financial by 28.9% during the 3rd quarter. First City Capital Management Inc. now owns 14,581 shares of the insurance provider’s stock worth $624,000 after buying an additional 3,272 shares during the period. Verity & Verity LLC lifted its position in shares of Truist Financial by 1.2% during the 3rd quarter. Verity & Verity LLC now owns 388,139 shares of the insurance provider’s stock worth $16,601,000 after purchasing an additional 4,534 shares during the last quarter. Pathstone Holdings LLC grew its stake in shares of Truist Financial by 0.5% in the third quarter. Pathstone Holdings LLC now owns 166,827 shares of the insurance provider’s stock worth $7,135,000 after acquiring an additional 890 shares during the last quarter. Finally, Meeder Advisory Services Inc. raised its position in shares of Truist Financial by 5.7% during the third quarter. Meeder Advisory Services Inc. now owns 28,097 shares of the insurance provider’s stock valued at $1,202,000 after buying an additional 1,527 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC stock opened at $46.79 on Tuesday. Truist Financial Co. has a twelve month low of $31.23 and a twelve month high of $47.57. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a market cap of $62.11 billion, a P/E ratio of -32.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The business’s fifty day moving average is $43.27 and its 200-day moving average is $41.33.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.45%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TFC shares. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.37.

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.