Truist Financial Corp Sells 18,988 Shares of TELUS Co. (NYSE:TU)

Truist Financial Corp lessened its position in TELUS Co. (NYSE:TU) (TSE:T) by 27.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 51,186 shares of the Wireless communications provider’s stock after selling 18,988 shares during the period. Truist Financial Corp’s holdings in TELUS were worth $775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TU. Fairscale Capital LLC acquired a new position in shares of TELUS during the 2nd quarter worth about $27,000. Blue Trust Inc. lifted its holdings in shares of TELUS by 60.4% during the second quarter. Blue Trust Inc. now owns 2,533 shares of the Wireless communications provider’s stock worth $41,000 after buying an additional 954 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in shares of TELUS by 39.8% in the first quarter. Gulf International Bank UK Ltd now owns 2,752 shares of the Wireless communications provider’s stock worth $44,000 after acquiring an additional 784 shares during the last quarter. UniSuper Management Pty Ltd acquired a new stake in shares of TELUS in the first quarter worth $58,000. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in TELUS during the first quarter worth $71,000. 49.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TU has been the topic of several research analyst reports. Canaccord Genuity Group lowered shares of TELUS from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. StockNews.com upgraded TELUS from a “sell” rating to a “hold” rating in a research note on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $26.00.

TELUS Price Performance

Shares of TELUS stock opened at $16.13 on Tuesday. TELUS Co. has a twelve month low of $14.63 and a twelve month high of $19.14. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.61 and a current ratio of 0.66. The firm has a market cap of $23.81 billion, a P/E ratio of 41.36, a price-to-earnings-growth ratio of 2.43 and a beta of 0.74. The firm’s 50-day simple moving average is $16.42 and its 200-day simple moving average is $16.13.

TELUS (NYSE:TU) (TSE:T) last released its quarterly earnings data on Friday, August 2nd. The Wireless communications provider reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.09. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.70 billion. TELUS had a return on equity of 8.50% and a net margin of 3.87%. During the same period in the prior year, the company posted $0.14 EPS. As a group, research analysts expect that TELUS Co. will post 0.73 EPS for the current fiscal year.

TELUS Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 10th were issued a $0.284 dividend. This is a positive change from TELUS’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, September 10th. This represents a $1.14 annualized dividend and a dividend yield of 7.04%. TELUS’s dividend payout ratio is presently 294.87%.

About TELUS

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.