Bank of Montreal Can Lowers Position in Truist Financial Co. (NYSE:TFC)

Bank of Montreal Can trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 10.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,184,446 shares of the insurance provider’s stock after selling 377,160 shares during the quarter. Bank of Montreal Can owned 0.24% of Truist Financial worth $138,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TFC. Geode Capital Management LLC boosted its position in Truist Financial by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock worth $1,210,348,000 after purchasing an additional 534,740 shares during the last quarter. Amundi boosted its holdings in shares of Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after buying an additional 1,450,323 shares during the last quarter. FMR LLC increased its holdings in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after buying an additional 5,457,053 shares during the last quarter. American Century Companies Inc. raised its position in Truist Financial by 7.9% in the fourth quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock worth $428,720,000 after acquiring an additional 722,749 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Truist Financial by 1.0% in the fourth quarter. Federated Hermes Inc. now owns 9,422,266 shares of the insurance provider’s stock valued at $408,738,000 after acquiring an additional 95,284 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley lowered their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Barclays raised their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $49.74.

Truist Financial Stock Performance

TFC opened at $35.11 on Tuesday. 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 Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The firm has a 50 day moving average of $43.72 and a two-hundred day moving average of $44.28. The firm has a market capitalization of $45.83 billion, a PE ratio of 10.54, a P/E/G ratio of 1.63 and a beta of 0.91.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.92%. Truist Financial’s payout ratio is currently 62.46%.

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.