28,130 Truist Financial Corporation $TFC Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 12.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 190,046 shares of the insurance provider’s stock after selling 28,130 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Truist Financial were worth $8,799,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Truist Financial in the second quarter worth approximately $4,959,834,000. State Street Corp boosted its stake in shares of Truist Financial by 0.9% during the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Truist Financial by 7.5% during the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after acquiring an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Truist Financial by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock valued at $395,642,000 after acquiring an additional 164,052 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Truist Financial by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock valued at $391,281,000 after acquiring an additional 44,215 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TFC shares. Bank of America restated a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods lowered their target price on Truist Financial from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Monday. TD Cowen started coverage on Truist Financial in a research report on Thursday, October 8th. They set a “hold” rating and a $52.00 target price on the stock. HSBC assumed coverage on Truist Financial in a report on Monday, September 28th. They set a “buy” rating and a $61.00 price target for the company. Finally, Stephens reduced their price target on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $53.87.

Insider Activity at Truist Financial

In other news, insider Dontá Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael P. Lyons bought 21,000 shares of the stock in a transaction dated Thursday, September 17th. The stock was bought at an average cost of $48.36 per share, for a total transaction of $1,015,560.00. Following the acquisition, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $47.73 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. Truist Financial Corporation has a twelve month low of $43.13 and a twelve month high of $56.19. The business has a 50-day moving average price of $48.86 and a 200-day moving average price of $49.66. The firm has a market cap of $58.31 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period last year, the business posted $1.04 EPS. As a group, equities research analysts predict that Truist Financial Corporation will post 4.65 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date was Friday, August 14th. Truist Financial’s dividend payout ratio is presently 53.61%.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.