Cornercap Investment Counsel Inc. Trims Holdings in Truist Financial Co. (NYSE:TFC)

Cornercap Investment Counsel Inc. cut its holdings in Truist Financial Co. (NYSE:TFC) by 14.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,519 shares of the insurance provider’s stock after selling 7,053 shares during the quarter. Truist Financial makes up about 0.5% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 26th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Truist Financial were worth $1,776,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in shares of Truist Financial by 10.6% in the first quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock worth $8,965,000 after acquiring an additional 22,182 shares during the period. Koshinski Asset Management Inc. purchased a new position in shares of Truist Financial in the first quarter worth $443,000. Kingsview Wealth Management LLC lifted its holdings in shares of Truist Financial by 9.7% in the first quarter. Kingsview Wealth Management LLC now owns 74,846 shares of the insurance provider’s stock worth $2,917,000 after buying an additional 6,640 shares in the last quarter. HBK Sorce Advisory LLC lifted its holdings in shares of Truist Financial by 21.8% in the first quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock worth $303,000 after buying an additional 1,392 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of Truist Financial by 2.2% in the first quarter. Orion Portfolio Solutions LLC now owns 99,232 shares of the insurance provider’s stock worth $3,868,000 after buying an additional 2,158 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Down 0.6 %

NYSE TFC opened at $46.25 on Friday. The company’s 50-day moving average price is $43.03 and its 200-day moving average price is $41.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 12 month low of $31.12 and a 12 month high of $47.57.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. As a group, sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.50%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Analysts Set New Price Targets

Several equities analysts have recently commented on TFC shares. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.02.

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.