Corebridge Financial Inc. Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Corebridge Financial Inc. lessened its holdings in Truist Financial Co. (NYSE:TFC) by 9.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 342,146 shares of the insurance provider’s stock after selling 34,734 shares during the quarter. Corebridge Financial Inc.’s holdings in Truist Financial were worth $14,842,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PBMares Wealth Management LLC boosted its stake in shares of Truist Financial by 0.8% in the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after buying an additional 224 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in shares of Truist Financial by 2.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after purchasing an additional 225 shares during the period. Aaron Wealth Advisors LLC increased its holdings in shares of Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares in the last quarter. FWG Holdings LLC increased its holdings in shares of Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after purchasing an additional 234 shares in the last quarter. Finally, Ignite Planners LLC boosted its holdings in Truist Financial by 1.4% during the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after buying an additional 246 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $42.17 on Tuesday. The business’s 50-day moving average price is $45.10 and its 200 day moving average price is $44.45. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $35.09 and a twelve month high of $49.06. The company has a market capitalization of $55.04 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The company’s revenue was up 3.4% on a year-over-year basis. On average, research analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. Truist Financial’s payout ratio is 62.46%.

Analyst Ratings Changes

TFC has been the subject of a number of research analyst reports. Compass Point increased their target price on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Finally, Morgan Stanley raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

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.