Van ECK Associates Corp Sells 3,543 Shares of Truist Financial Co. (NYSE:TFC)

Van ECK Associates Corp cut its stake in Truist Financial Co. (NYSE:TFC) by 4.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,473 shares of the insurance provider’s stock after selling 3,543 shares during the period. Van ECK Associates Corp’s holdings in Truist Financial were worth $3,495,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. CreativeOne Wealth LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at $516,000. M&G Plc bought a new stake in Truist Financial during the second quarter valued at $2,804,000. Dimensional Fund Advisors LP grew its holdings in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the period. Boston Common Asset Management LLC raised its position in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after acquiring an additional 61,683 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Truist Financial by 6.7% in the 1st quarter. Empowered Funds LLC now owns 71,319 shares of the insurance provider’s stock valued at $2,780,000 after purchasing an additional 4,456 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $45.22 on Friday. The firm has a market cap of $60.03 billion, a P/E ratio of -31.62, a P/E/G ratio of 1.94 and a beta of 1.05. The firm’s fifty day moving average is $42.88 and its 200 day moving average is $40.94. Truist Financial Co. has a 52 week low of $28.93 and a 52 week high of $47.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Research analysts predict that Truist Financial Co. will post 3.69 earnings per share 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. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.60%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Analysts Set New Price Targets

TFC has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Bank of America raised their price target 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. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a research note on Wednesday, July 17th. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.