SteelPeak Wealth LLC Trims Stake in Truist Financial Co. (NYSE:TFC)

SteelPeak Wealth LLC decreased its stake in shares of Truist Financial Co. (NYSE:TFC) by 11.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,194 shares of the insurance provider’s stock after selling 12,876 shares during the period. SteelPeak Wealth LLC’s holdings in Truist Financial were worth $4,071,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TFC. State of Alaska Department of Revenue lifted its holdings in Truist Financial by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 144,723 shares of the insurance provider’s stock valued at $5,641,000 after purchasing an additional 705 shares in the last quarter. Norden Group LLC bought a new position in Truist Financial during the 1st quarter valued at $2,351,000. First Trust Direct Indexing L.P. boosted its holdings in Truist Financial by 33.3% in the first quarter. First Trust Direct Indexing L.P. now owns 39,923 shares of the insurance provider’s stock worth $1,556,000 after purchasing an additional 9,965 shares during the period. American National Bank & Trust Co. VA bought a new stake in shares of Truist Financial during the 1st quarter valued at about $434,000. Finally, Bray Capital Advisors raised its position in shares of Truist Financial by 1.4% during the 1st quarter. Bray Capital Advisors now owns 43,299 shares of the insurance provider’s stock worth $1,688,000 after purchasing an additional 588 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Compass Point increased their target price on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Argus increased their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Trading Up 0.9 %

Truist Financial stock traded up $0.39 during trading hours on Wednesday, reaching $43.48. The company had a trading volume of 2,450,489 shares, compared to its average volume of 8,221,216. 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 company has a 50-day moving average price of $42.81 and a 200 day moving average price of $40.58. The firm has a market cap of $58.23 billion, a price-to-earnings ratio of -30.13, a P/E/G ratio of 1.77 and a beta of 1.05. Truist Financial Co. has a 12-month low of $27.88 and a 12-month high of $45.31.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.78%. Truist Financial’s dividend payout ratio is currently -145.45%.

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.