Truist Financial Co. (NYSE:TFC) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lowered its stake in Truist Financial Co. (NYSE:TFC) by 11.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 95,194 shares of the insurance provider’s stock after selling 12,876 shares during the quarter. SteelPeak Wealth LLC’s holdings in Truist Financial were worth $4,071,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. grew its position in shares of Truist Financial by 1.3% in the third quarter. Pinnacle Associates Ltd. now owns 219,458 shares of the insurance provider’s stock valued at $9,386,000 after purchasing an additional 2,829 shares during the period. First Trust Direct Indexing L.P. lifted its stake in shares of Truist Financial by 14.5% in the third quarter. First Trust Direct Indexing L.P. now owns 51,627 shares of the insurance provider’s stock worth $2,208,000 after buying an additional 6,553 shares in the last quarter. Valmark Advisers Inc. raised its position in Truist Financial by 6.8% in the third quarter. Valmark Advisers Inc. now owns 10,572 shares of the insurance provider’s stock valued at $452,000 after purchasing an additional 670 shares during the period. GW Henssler & Associates Ltd. lifted its stake in shares of Truist Financial by 4,435.3% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after purchasing an additional 494,007 shares during the last quarter. Finally, Hedeker Wealth LLC grew its holdings in shares of Truist Financial by 9.0% during the 3rd quarter. Hedeker Wealth LLC now owns 96,841 shares of the insurance provider’s stock worth $4,142,000 after purchasing an additional 8,019 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock traded up $0.39 during midday trading on Wednesday, hitting $43.48. 2,450,489 shares of the stock were exchanged, compared to its average volume of 8,221,216. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $58.23 billion, a price-to-earnings ratio of -30.13, a PEG ratio of 1.77 and a beta of 1.05. Truist Financial Co. has a fifty-two week low of $27.88 and a fifty-two week high of $45.31. The stock’s 50-day moving average price is $42.81 and its 200-day moving average price is $40.58.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent analyst reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Stephens reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Argus raised their target price on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Company 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.