Victory Capital Management Inc. Lowers Stock Holdings in Truist Financial Co. (NYSE:TFC)

Victory Capital Management Inc. trimmed its stake in Truist Financial Co. (NYSE:TFC) by 5.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 434,547 shares of the insurance provider’s stock after selling 23,106 shares during the period. Victory Capital Management Inc.’s holdings in Truist Financial were worth $18,586,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Aptus Capital Advisors LLC boosted its position in Truist Financial by 19.7% in the 3rd quarter. Aptus Capital Advisors LLC now owns 24,582 shares of the insurance provider’s stock valued at $1,051,000 after buying an additional 4,049 shares during the period. Commonwealth Retirement Investments LLC boosted its position in Truist Financial by 5.8% in the 3rd quarter. Commonwealth Retirement Investments LLC now owns 78,309 shares of the insurance provider’s stock valued at $3,349,000 after buying an additional 4,300 shares during the period. Aigen Investment Management LP boosted its position in Truist Financial by 43.0% in the 3rd quarter. Aigen Investment Management LP now owns 19,473 shares of the insurance provider’s stock valued at $833,000 after buying an additional 5,851 shares during the period. Prime Capital Investment Advisors LLC boosted its position in Truist Financial by 2.7% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock valued at $445,000 after buying an additional 270 shares during the period. Finally, Arcus Capital Partners LLC raised its stake in shares of Truist Financial by 3.4% during the 3rd quarter. Arcus Capital Partners LLC now owns 36,722 shares of the insurance provider’s stock worth $1,571,000 after acquiring an additional 1,196 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.79 on Tuesday. The company’s fifty day moving average price is $43.27 and its 200 day moving average price is $41.33. Truist Financial Co. has a 1 year low of $31.23 and a 1 year high of $47.57. The company has a market capitalization of $62.11 billion, a PE ratio of -32.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. 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 results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Barclays upped their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Stephens restated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Compass Point upped their price target on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average price target of $46.37.

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.