SouthState Corp Sells 1,107 Shares of Truist Financial Co. (NYSE:TFC)

SouthState Corp decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 4.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,350 shares of the insurance provider’s stock after selling 1,107 shares during the period. SouthState Corp’s holdings in Truist Financial were worth $913,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new stake in shares of Truist Financial in the 1st quarter valued at $344,000. O Shaughnessy Asset Management LLC boosted its position in Truist Financial by 46.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 111,963 shares of the insurance provider’s stock valued at $4,364,000 after buying an additional 35,636 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in Truist Financial by 1,117.2% during the first quarter. UniSuper Management Pty Ltd now owns 23,552 shares of the insurance provider’s stock worth $918,000 after buying an additional 21,617 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Truist Financial by 44.2% during the first quarter. Lake Street Advisors Group LLC now owns 8,299 shares of the insurance provider’s stock worth $323,000 after buying an additional 2,544 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Truist Financial by 3.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 1,095,158 shares of the insurance provider’s stock valued at $42,722,000 after acquiring an additional 33,333 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.3 %

Truist Financial stock opened at $46.63 on Wednesday. The firm has a market capitalization of $61.90 billion, a price-to-earnings ratio of -32.61, a PEG ratio of 1.91 and a beta of 1.05. The company’s 50 day simple moving average is $43.36 and its 200 day simple moving average is $41.38. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a fifty-two week low of $31.23 and a fifty-two week high of $47.57.

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

Truist Financial Dividend Announcement

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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Stephens restated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Compass Point boosted their target price on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus 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.