Intact Investment Management Inc. Sells 6,760 Shares of Truist Financial Co. (NYSE:TFC)

Intact Investment Management Inc. decreased its position in Truist Financial Co. (NYSE:TFC) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 198,200 shares of the insurance provider’s stock after selling 6,760 shares during the quarter. Intact Investment Management Inc.’s holdings in Truist Financial were worth $8,598,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its position in Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after buying an additional 2,720,223 shares during the last quarter. Geode Capital Management LLC lifted its position in Truist Financial by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock worth $1,169,350,000 after buying an additional 456,412 shares during the last quarter. Amundi increased its stake in 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 purchasing an additional 1,450,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Truist Financial by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after purchasing an additional 288,306 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Truist Financial by 8.5% in the 4th quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider’s stock worth $368,079,000 after purchasing an additional 662,179 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $39.43 on Friday. The stock has a market cap of $51.48 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.63 and a beta of 1.08. The business’s fifty day moving average is $45.45 and its 200 day moving average is $44.58. Truist Financial Co. has a twelve month low of $34.51 and a twelve month high of $49.06. The company has a quick ratio of 0.83, a current 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 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion for 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 firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.27%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group lifted their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.16.

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.