Equity Investment Corp Has $96.41 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Equity Investment Corp lessened its position in Truist Financial Co. (NYSE:TFC) by 0.8% during the third quarter, Holdings Channel reports. The institutional investor owned 2,254,183 shares of the insurance provider’s stock after selling 17,740 shares during the quarter. Truist Financial comprises approximately 2.2% of Equity Investment Corp’s portfolio, making the stock its 20th largest holding. Equity Investment Corp’s holdings in Truist Financial were worth $96,411,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Russell Investments Group Ltd. raised its position in Truist Financial by 10.6% in the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after buying an additional 22,182 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Truist Financial in the 1st quarter valued at approximately $344,000. Resurgent Financial Advisors LLC raised its position in Truist Financial by 53.3% in the 1st quarter. Resurgent Financial Advisors LLC now owns 5,945 shares of the insurance provider’s stock valued at $232,000 after buying an additional 2,067 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Truist Financial by 46.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 111,963 shares of the insurance provider’s stock valued at $4,364,000 after buying an additional 35,636 shares during the last quarter. Finally, UniSuper Management Pty Ltd raised its position in Truist Financial by 1,117.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 23,552 shares of the insurance provider’s stock valued at $918,000 after buying an additional 21,617 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of analyst reports. UBS Group raised their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods raised their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Finally, Argus raised their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.55 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s fifty day moving average price is $43.18 and its two-hundred day moving average price is $41.27. Truist Financial Co. has a one year low of $31.13 and a one year high of $47.57. The firm has a market cap of $61.80 billion, a price-to-earnings ratio of -32.55, a P/E/G ratio of 1.91 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. On average, equities analysts forecast that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is -145.45%.

About Truist Financial

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.