Allspring Global Investments Holdings LLC Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 71,483 shares of the insurance provider’s stock after selling 2,820 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Truist Financial were worth $2,786,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in TFC. Norges Bank bought a new position in Truist Financial during the 4th quarter worth approximately $307,787,000. Parnassus Investments LLC bought a new position in shares of Truist Financial in the fourth quarter worth approximately $95,049,000. Azora Capital LP purchased a new position in shares of Truist Financial in the fourth quarter worth $72,498,000. Charles Schwab Investment Management Inc. raised its holdings in Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after buying an additional 1,458,248 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in Truist Financial by 9,218.0% during the 4th quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock valued at $44,496,000 after buying an additional 1,192,257 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TFC. Stephens boosted their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Wells Fargo & Company boosted their price target on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. HSBC lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Jefferies Financial Group upped their target price on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, UBS Group lifted their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $43.17.

Truist Financial Trading Up 0.8 %

Shares of TFC opened at $39.56 on Wednesday. The firm’s 50-day simple moving average is $37.92 and its two-hundred day simple moving average is $37.17. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $40.51. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.09 EPS. Sell-side analysts forecast that Truist Financial Co. will post 3.36 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

Truist Financial 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.