13,033 Truist Financial Corporation $TFC Shares Sold by International Assets Investment Management LLC

International Assets Investment Management LLC reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 93.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 982 shares of the insurance provider’s stock after selling 13,033 shares during the period. International Assets Investment Management LLC’s holdings in Truist Financial were worth $45,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Truist Financial by 4.0% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after acquiring an additional 211 shares in the last quarter. Csenge Advisory Group boosted its position in shares of Truist Financial by 0.3% in the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock worth $3,459,000 after purchasing an additional 227 shares during the period. Apella Capital LLC increased its stake in shares of Truist Financial by 0.5% in the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after purchasing an additional 232 shares in the last quarter. West Family Investments Inc. increased its stake in shares of Truist Financial by 4.6% in the second quarter. West Family Investments Inc. now owns 5,498 shares of the insurance provider’s stock worth $274,000 after purchasing an additional 242 shares in the last quarter. Finally, Balefire LLC raised its position in shares of Truist Financial by 5.6% during the 2nd quarter. Balefire LLC now owns 4,880 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 260 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TFC has been the topic of a number of analyst reports. Evercore restated an “outperform” rating and set a $55.00 target price (up from $54.00) on shares of Truist Financial in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods decreased their price target on Truist Financial from $55.00 to $54.00 and set a “market perform” rating on the stock in a report on Monday, October 19th. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a research report on Friday, October 30th. TD Cowen started coverage on Truist Financial in a research note on Thursday, October 8th. They set a “hold” rating and a $52.00 target price on the stock. Finally, Stephens dropped their price target on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, October 20th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $54.73.

Truist Financial Price Performance

NYSE TFC traded down $0.36 during trading on Friday, hitting $49.48. 5,760,433 shares of the stock traded hands, compared to its average volume of 8,307,338. The company has a market capitalization of $59.30 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90. The firm has a 50-day simple moving average of $48.34 and a 200-day simple moving average of $49.50. 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 12-month low of $43.13 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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 firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The firm’s revenue was up 1.3% on a year-over-year basis. During the same period last year, the company earned $1.04 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4.66 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s dividend payout ratio (DPR) is presently 53.61%.

Insider Buying and Selling

In related news, CEO Michael Lyons acquired 25,000 shares of Truist Financial stock in a transaction on Wednesday, October 28th. The shares were bought at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer directly owned 46,000 shares of the company’s stock, valued at $2,224,560. The trade was a 119.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.15% of the company’s stock.

About Truist Financial

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.