Parnassus Investments LLC Trims Stock Position in Truist Financial Corporation $TFC

Parnassus Investments LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 3.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,421,042 shares of the insurance provider’s stock after selling 55,390 shares during the quarter. Parnassus Investments LLC owned about 0.11% of Truist Financial worth $64,970,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. MASTERINVEST Kapitalanlage GmbH acquired a new position in Truist Financial during the third quarter worth approximately $240,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Truist Financial by 5.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 211,197 shares of the insurance provider’s stock worth $9,656,000 after buying an additional 10,812 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Truist Financial in the 3rd quarter worth $208,000. Oregon Public Employees Retirement Fund boosted its holdings in Truist Financial by 30.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 147,314 shares of the insurance provider’s stock valued at $6,735,000 after acquiring an additional 34,139 shares during the last quarter. Finally, Invested Advisors acquired a new position in Truist Financial in the third quarter valued at $214,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 0.7%

NYSE:TFC opened at $50.62 on Friday. The stock has a market cap of $64.75 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 0.97 and a beta of 0.89. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The business’s 50-day simple moving average is $47.70 and its 200 day simple moving average is $45.74.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.Truist Financial’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its board has initiated a share buyback program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TFC. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Morgan Stanley increased their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Piper Sandler set a $48.00 target price on shares of Truist Financial in a report on Monday, October 20th. Evercore ISI raised shares of Truist Financial from a “hold” rating to an “outperform” rating and upped their price target for the stock from $49.00 to $58.00 in a research report on Tuesday. Finally, Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $52.80.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.