Industrial Alliance Investment Management Inc. Cuts Stake in Truist Financial Co. (NYSE:TFC)

Industrial Alliance Investment Management Inc. lowered its stake in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 1.6% in the third quarter, Holdings Channel reports. The firm owned 20,376 shares of the insurance provider’s stock after selling 330 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Truist Financial were worth $887,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. National Pension Service boosted its position in Truist Financial by 3.6% during the third quarter. National Pension Service now owns 1,992,619 shares of the insurance provider’s stock worth $87,615,000 after acquiring an additional 69,309 shares during the last quarter. CENTRAL TRUST Co boosted its position in Truist Financial by 5.3% during the third quarter. CENTRAL TRUST Co now owns 32,092 shares of the insurance provider’s stock worth $1,397,000 after acquiring an additional 1,610 shares during the last quarter. Montchanin Asset Management LLC boosted its position in Truist Financial by 21.6% during the third quarter. Montchanin Asset Management LLC now owns 11,365 shares of the insurance provider’s stock worth $495,000 after acquiring an additional 2,020 shares during the last quarter. Advisors Capital Management LLC boosted its position in Truist Financial by 66.6% during the third quarter. Advisors Capital Management LLC now owns 446,413 shares of the insurance provider’s stock worth $20,557,000 after acquiring an additional 178,400 shares during the last quarter. Finally, LWM Advisory Services LLC boosted its position in Truist Financial by 21.5% during the third quarter. LWM Advisory Services LLC now owns 6,819 shares of the insurance provider’s stock worth $297,000 after acquiring an additional 1,206 shares during the last quarter. Hedge funds and other institutional investors own 72.49% of the company’s stock.

Insider Buying and Selling

In related news, insider Hugh S. Cummins III sold 35,229 shares of the company’s stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the sale, the insider now directly owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director David M. Ratcliffe acquired 13,125 shares of the company’s stock in a transaction on Friday, March 10th. The shares were bought at an average cost of $38.08 per share, with a total value of $499,800.00. Following the transaction, the director now owns 39,025 shares in the company, valued at approximately $1,486,072. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hugh S. Cummins III sold 35,229 shares of the stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the sale, the insider now directly owns 307,069 shares in the company, valued at $15,061,734.45. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Truist Financial Price Performance

Shares of TFC opened at $32.94 on Friday. Truist Financial Co. has a fifty-two week low of $28.70 and a fifty-two week high of $61.10. The firm’s 50 day moving average price is $46.15 and its 200 day moving average price is $45.11. The company has a market cap of $43.74 billion, a P/E ratio of 7.44, a PEG ratio of 0.83 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 6.31%. The ex-dividend date of this dividend was Thursday, February 9th. Truist Financial’s payout ratio is currently 46.95%.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Wells Fargo & Company decreased their target price on shares of Truist Financial to $57.00 in a report on Wednesday, December 14th. TheStreet upgraded shares of Truist Financial from a “c+” rating to a “b-” rating in a report on Monday, January 23rd. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 target price on the stock in a report on Monday. Finally, Keefe, Bruyette & Woods upgraded shares of Truist Financial from an “underperform” rating to a “market perform” rating and decreased their target price for the company from $47.00 to $45.00 in a report on Sunday, March 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus target price of $51.58.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.