Argyle Capital Management Inc. Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Argyle Capital Management Inc. lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.6% during the third quarter, Holdings Channel reports. The firm owned 43,825 shares of the insurance provider’s stock after selling 1,650 shares during the quarter. Argyle Capital Management Inc.’s holdings in Truist Financial were worth $1,874,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Capital International Investors increased its stake in shares of Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Truist Financial by 316.4% in the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after acquiring an additional 1,609,351 shares in the last quarter. Jennison Associates LLC increased its position in Truist Financial by 48.9% during the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares during the period. Nordea Investment Management AB raised its holdings in Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after purchasing an additional 834,048 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Truist Financial in the 1st quarter worth about $29,957,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.4 %

Shares of Truist Financial stock traded down $0.19 on Tuesday, reaching $43.10. The company’s stock had a trading volume of 687,624 shares, compared to its average volume of 8,229,728. Truist Financial Co. has a 52 week low of $27.64 and a 52 week high of $45.31. The firm’s fifty day simple moving average is $42.79 and its two-hundred day simple moving average is $40.53. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $57.72 billion, a price-to-earnings ratio of -30.27, a P/E/G ratio of 1.77 and a beta of 1.05.

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 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 4.83%. Truist Financial’s payout ratio is -145.45%.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. UBS Group increased their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Compass Point upped their price target on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. 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, the company has a consensus rating of “Hold” and a consensus price target of $46.02.

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.