AIA Group Ltd Trims Stock Holdings in Truist Financial Co. (NYSE:TFC)

AIA Group Ltd decreased its position in Truist Financial Co. (NYSE:TFC) by 44.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,629 shares of the insurance provider’s stock after selling 26,307 shares during the quarter. AIA Group Ltd’s holdings in Truist Financial were worth $1,415,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Bangor Savings Bank lifted its position in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. Hopwood Financial Services Inc. bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. Curio Wealth LLC bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $45,000. True Wealth Design LLC purchased a new position in shares of Truist Financial during the third quarter valued at approximately $51,000. Finally, City State Bank boosted its position in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.7 %

TFC opened at $41.16 on Tuesday. The firm’s 50 day simple moving average is $44.65 and its two-hundred day simple moving average is $44.43. The company has a market capitalization of $53.74 billion, a PE ratio of 12.36, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1-year low of $35.09 and a 1-year high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

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

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.05%. Truist Financial’s payout ratio is 62.46%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TFC shares. Piper Sandler lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Barclays lifted their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $50.68.

About Truist Financial

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.