Parnassus Investments LLC Sells 111,066 Shares of Truist Financial Corporation $TFC

Parnassus Investments LLC decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 7.8% during the 4th quarter, HoldingsChannel reports. The firm owned 1,309,976 shares of the insurance provider’s stock after selling 111,066 shares during the quarter. Parnassus Investments LLC’s holdings in Truist Financial were worth $64,464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Keel Point LLC increased its stake in shares of Truist Financial by 1.8% in the 4th quarter. Keel Point LLC now owns 14,485 shares of the insurance provider’s stock valued at $713,000 after purchasing an additional 253 shares during the last quarter. IFM Investors Pty Ltd increased its stake in shares of Truist Financial by 1.6% in the 4th quarter. IFM Investors Pty Ltd now owns 269,199 shares of the insurance provider’s stock valued at $13,247,000 after purchasing an additional 4,142 shares during the last quarter. SmartHarvest Portfolios LLC bought a new position in shares of Truist Financial in the 4th quarter valued at $254,000. Empowered Funds LLC increased its stake in shares of Truist Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 48,949 shares of the insurance provider’s stock valued at $2,409,000 after purchasing an additional 2,302 shares during the last quarter. Finally, Gilpin Wealth Management LLC bought a new position in shares of Truist Financial in the 4th quarter valued at $164,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the topic of several recent analyst reports. Morgan Stanley decreased their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Royal Bank Of Canada lifted their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Trading Up 1.9%

Shares of TFC stock opened at $50.72 on Friday. The firm has a market capitalization of $63.20 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $38.83 and a twelve month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock’s fifty day simple moving average is $49.00 and its 200 day simple moving average is $49.14.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s payout ratio is currently 51.61%.

Truist Financial Profile

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.