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

Zions Bancorporation N.A. cut its position in Truist Financial Co. (NYSE:TFC) by 2.3% during the third quarter, according to its most recent 13F filing 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 quarter. Zions Bancorporation N.A.’s holdings in Truist Financial were worth $6,081,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in Truist Financial by 10.6% in the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after purchasing an additional 22,182 shares during the period. Bleakley Financial Group LLC boosted its holdings in Truist Financial by 13.4% in the 1st quarter. Bleakley Financial Group LLC now owns 33,902 shares of the insurance provider’s stock valued at $1,322,000 after purchasing an additional 4,012 shares during the period. Koshinski Asset Management Inc. bought a new position in shares of Truist Financial during the 1st quarter worth about $443,000. Kingsview Wealth Management LLC lifted its holdings in shares of Truist Financial by 9.7% during the 1st 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 period. Finally, HBK Sorce Advisory LLC lifted its holdings in shares of Truist Financial by 21.8% during the 1st quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock worth $303,000 after acquiring an additional 1,392 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.3 %

Truist Financial stock opened at $46.51 on Thursday. The company’s 50 day simple moving average is $43.03 and its 200 day simple moving average is $41.13. Truist Financial Co. has a fifty-two week low of $30.31 and a fifty-two week high of $47.57. The firm has a market capitalization of $61.74 billion, a price-to-earnings ratio of -32.52, a PEG ratio of 1.92 and a beta of 1.05. 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 (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $5.09 billion for 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 business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TFC. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Bank of America raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. 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 report on Tuesday, July 30th. Finally, Stephens reissued an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a report 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $46.02.

About Truist Financial

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.