Adage Capital Partners GP L.L.C. Decreases Stake in Truist Financial Co. (NYSE:TFC)

Adage Capital Partners GP L.L.C. lowered its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 9.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 965,264 shares of the insurance provider's stock after selling 97,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.07% of Truist Financial worth $41,873,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Capital International Investors lifted its stake in shares of Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after buying an additional 18,712,246 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider's stock valued at $1,210,348,000 after acquiring an additional 534,740 shares during the last quarter. Amundi lifted its holdings in Truist Financial by 6.5% during the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider's stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares during the period. FMR LLC raised its position in Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after acquiring an additional 5,457,053 shares during the period. Finally, Invesco Ltd. raised its position in shares of Truist Financial by 12.4% in the fourth quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider's stock valued at $431,687,000 after purchasing an additional 1,101,256 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Trading Up 1.7 %

Shares of NYSE TFC traded up $0.65 during midday trading on Monday, hitting $38.32. 10,765,518 shares of the company traded hands, compared to its average volume of 8,164,630. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a 50-day moving average price of $40.22 and a 200 day moving average price of $43.62. The firm has a market cap of $50.02 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the firm earned $0.90 EPS. As a group, analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date was Friday, February 14th. Truist Financial's payout ratio is 61.36%.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. Citigroup cut their target price on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Keefe, Bruyette & Woods lowered their price objective on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and increased their target price for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $47.83.

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.