Equity Investment Corp Has $96.08 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Equity Investment Corp reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,214,743 shares of the insurance provider’s stock after selling 39,440 shares during the quarter. Truist Financial accounts for 2.3% of Equity Investment Corp’s holdings, making the stock its 22nd biggest holding. Equity Investment Corp owned approximately 0.17% of Truist Financial worth $96,076,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. AMF Tjanstepension AB bought a new position in Truist Financial in the 3rd quarter valued at about $3,208,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Truist Financial by 14.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 102,949 shares of the insurance provider’s stock valued at $4,377,000 after acquiring an additional 13,018 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in Truist Financial during the third quarter valued at approximately $397,000. abrdn plc raised its position in Truist Financial by 4.3% during the third quarter. abrdn plc now owns 1,184,313 shares of the insurance provider’s stock valued at $50,452,000 after purchasing an additional 49,157 shares in the last quarter. Finally, Fortitude Family Office LLC lifted its stake in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $45.26 on Thursday. The business has a 50-day moving average of $45.65 and a 200-day moving average of $44.57. Truist Financial Co. has a 1 year low of $34.51 and a 1 year high of $49.06. The company has a market capitalization of $60.08 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. 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 62.46%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TFC. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays lifted their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Morgan Stanley lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, Piper Sandler increased their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial 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.