Mutual of America Capital Management LLC Cuts Stake in Truist Financial Co. (NYSE:TFC)

Mutual of America Capital Management LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFCFree Report) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,371 shares of the insurance provider’s stock after selling 5,198 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Truist Financial were worth $5,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Argent Advisors Inc. grew its position in shares of Truist Financial by 15.9% in the third quarter. Argent Advisors Inc. now owns 42,591 shares of the insurance provider’s stock valued at $1,218,000 after purchasing an additional 5,849 shares during the period. Carson Advisory Inc. boosted its position in shares of Truist Financial by 2.1% in the third quarter. Carson Advisory Inc. now owns 21,613 shares of the insurance provider’s stock worth $618,000 after buying an additional 452 shares during the period. Canada Pension Plan Investment Board grew its position in Truist Financial by 64.7% in the third quarter. Canada Pension Plan Investment Board now owns 1,679,558 shares of the insurance provider’s stock valued at $48,052,000 after acquiring an additional 660,094 shares in the last quarter. Financial Security Advisor Inc. purchased a new position in shares of Truist Financial in the third quarter valued at $1,012,000. Finally, Choreo LLC boosted its position in Truist Financial by 64.4% in the 3rd quarter. Choreo LLC now owns 14,963 shares of the insurance provider’s stock valued at $428,000 after buying an additional 5,862 shares during the last quarter. 71.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent analyst reports. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Thursday, January 4th. Piper Sandler increased their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. UBS Group upped their target price on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $39.87.

Read Our Latest Analysis on TFC

Truist Financial Trading Up 0.9 %

TFC stock opened at $35.84 on Monday. The firm’s 50-day simple moving average is $36.44 and its 200 day simple moving average is $32.14. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $49.32. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFCGet Free Report) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business earned $1.30 earnings per share. Analysts predict that Truist Financial Co. will post 3.39 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date of this dividend is Thursday, February 8th. Truist Financial’s payout ratio is currently -192.59%.

About Truist Financial

(Free Report)

Truist Financial Corporation, a holding 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.

Further Reading

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFCFree Report).

Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

Receive News & Ratings for Truist Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Truist Financial and related companies with MarketBeat.com's FREE daily email newsletter.