Equity Investment Corp Decreases Stock Holdings in Truist Financial Co. (NYSE:TFC)

Equity Investment Corp trimmed its stake in Truist Financial Co. (NYSE:TFC) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,214,743 shares of the insurance provider’s stock after selling 39,440 shares during the quarter. Truist Financial makes up 2.3% of Equity Investment Corp’s holdings, making the stock its 22nd biggest position. Equity Investment Corp’s holdings in Truist Financial were worth $96,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nwam LLC boosted its position in Truist Financial by 3.2% during the fourth quarter. Nwam LLC now owns 8,395 shares of the insurance provider’s stock worth $364,000 after purchasing an additional 263 shares during the period. Heritage Investors Management Corp raised its position in shares of Truist Financial by 7.3% in the fourth quarter. Heritage Investors Management Corp now owns 11,775 shares of the insurance provider’s stock worth $511,000 after buying an additional 800 shares in the last quarter. Whipplewood Advisors LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at about $323,000. Simmons Bank lifted its position in Truist Financial by 30.2% during the fourth quarter. Simmons Bank now owns 56,334 shares of the insurance provider’s stock valued at $2,444,000 after purchasing an additional 13,067 shares during the last quarter. Finally, Checchi Capital Advisers LLC lifted its holdings in shares of Truist Financial by 3.4% during the 4th quarter. Checchi Capital Advisers LLC now owns 13,006 shares of the insurance provider’s stock worth $564,000 after acquiring an additional 424 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Activity

In other news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Truist Financial Trading Up 0.2 %

Shares of NYSE TFC opened at $45.26 on Thursday. The company has a market cap of $60.08 billion, a PE ratio of 13.59, a P/E/G ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50 day moving average price is $45.65 and its 200-day moving average price is $44.57. Truist Financial Co. has a 52-week low of $34.51 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. On average, equities research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. Truist Financial’s dividend payout ratio is presently 62.46%.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Piper Sandler upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company upped their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group raised their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

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.