QRG Capital Management Inc. Has $7.19 Million Stock Position in Truist Financial Co. (NYSE:TFC)

QRG Capital Management Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 19.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 168,079 shares of the insurance provider’s stock after selling 39,657 shares during the quarter. QRG Capital Management Inc.’s holdings in Truist Financial were worth $7,189,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crewe Advisors LLC acquired a new position in shares of Truist Financial in the first quarter worth approximately $27,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the second quarter worth approximately $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial in the second quarter worth approximately $31,000. Fortitude Family Office LLC lifted its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. Finally, Hobbs Group Advisors LLC bought a new stake in Truist Financial in the second quarter worth approximately $38,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.6 %

TFC stock opened at $42.32 on Wednesday. The stock’s fifty day simple moving average is $42.76 and its two-hundred day simple moving average is $40.81. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 1-year low of $28.93 and a 1-year high of $45.31. The stock has a market cap of $56.67 billion, a P/E ratio of -29.59, 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. Shareholders of record on Friday, November 8th will be given 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 4.91%. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently 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.