Bank of Nova Scotia Sells 1,390,665 Shares of Truist Financial Co. (NYSE:TFC)

Bank of Nova Scotia lessened its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 70.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 574,698 shares of the insurance provider's stock after selling 1,390,665 shares during the period. Bank of Nova Scotia's holdings in Truist Financial were worth $24,930,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider's stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Hopwood Financial Services Inc. purchased a new stake in Truist Financial during the 4th quarter worth about $26,000. Curio Wealth LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at about $45,000. City State Bank grew its position in shares of Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider's stock worth $51,000 after buying an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new position in Truist Financial in the fourth quarter worth approximately $55,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Truist Financial stock traded down $0.34 during midday trading on Friday, reaching $35.30. 18,557,752 shares of the stock traded hands, compared to its average volume of 8,133,746. The firm has a fifty day moving average price of $42.36 and a two-hundred day moving average price of $44.00. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market cap of $46.08 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

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Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) 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 firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date was Friday, February 14th. Truist Financial's dividend payout ratio (DPR) is presently 62.46%.

Analysts Set New Price Targets

TFC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 21st. Barclays raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. HSBC raised shares of Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Finally, Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.22.

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.