Sequoia Financial Advisors LLC Decreases Stake in Truist Financial Co. (NYSE:TFC)

Sequoia Financial Advisors LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 4.3% in the third quarter, HoldingsChannel.com reports. The firm owned 34,481 shares of the insurance provider’s stock after selling 1,534 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Truist Financial were worth $1,475,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TFC. Norden Group LLC bought a new stake in Truist Financial in the 1st quarter worth $2,351,000. Nordea Investment Management AB grew its stake in shares of Truist Financial by 44.4% in the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after purchasing an additional 834,048 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in Truist Financial during the 1st quarter valued at about $516,000. M&G Plc bought a new position in Truist Financial during the 2nd quarter valued at approximately $2,804,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC opened at $43.42 on Friday. The firm has a market cap of $58.15 billion, a PE ratio of -30.36, a P/E/G ratio of 1.84 and a beta of 1.05. The stock has a 50-day moving average price of $42.76 and a 200-day moving average price of $40.41. Truist Financial Co. has a 1 year low of $27.01 and a 1 year high of $45.31. 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 issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. Sell-side analysts predict that Truist Financial Co. will post 3.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.79%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays upped their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Bank of America raised their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Stephens reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.02.

Truist Financial Company Profile

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.