Arrowstreet Capital Limited Partnership Reduces Stake in Truist Financial Co. (NYSE:TFC)

Arrowstreet Capital Limited Partnership decreased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 85.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 602,004 shares of the insurance provider’s stock after selling 3,578,214 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Truist Financial were worth $26,115,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. acquired a new stake in Truist Financial during the 4th quarter worth $26,000. Curio Wealth LLC purchased a new stake in Truist Financial in the fourth quarter valued at $45,000. City State Bank boosted its stake in Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth about $55,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC opened at $41.60 on Thursday. The company has a market capitalization of $54.30 billion, a PE ratio of 12.49, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 52-week low of $35.09 and a 52-week high of $49.06. The company has a 50-day simple moving average of $44.41 and a 200-day simple moving average of $44.41. 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 posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TFC shares. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and upped their target price for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Morgan Stanley increased their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Barclays lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.68.

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.