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

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 751,529 shares of the insurance provider’s stock after selling 30,022 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Truist Financial worth $32,143,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its holdings in shares of Truist Financial by 97.1% in the first quarter. GSA Capital Partners LLP now owns 13,191 shares of the insurance provider’s stock worth $514,000 after buying an additional 6,500 shares during the last quarter. Manchester Capital Management LLC grew its position in shares of Truist Financial by 147.8% during the 1st quarter. Manchester Capital Management LLC now owns 2,823 shares of the insurance provider’s stock valued at $110,000 after acquiring an additional 1,684 shares during the period. CFO4Life Group LLC purchased a new stake in shares of Truist Financial in the 1st quarter worth $205,000. Empirical Finance LLC raised its holdings in Truist Financial by 3.5% in the 1st quarter. Empirical Finance LLC now owns 47,938 shares of the insurance provider’s stock worth $1,869,000 after purchasing an additional 1,619 shares during the period. Finally, AIA Group Ltd purchased a new position in Truist Financial during the first quarter valued at $2,245,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC traded down $1.03 during trading on Thursday, hitting $45.97. The company’s stock had a trading volume of 1,138,951 shares, compared to its average volume of 8,286,159. The firm has a market capitalization of $61.03 billion, a price-to-earnings ratio of -32.87, a P/E/G ratio of 1.73 and a beta of 1.05. Truist Financial Co. has a twelve month low of $28.93 and a twelve month high of $47.03. The business’s fifty day simple moving average is $42.82 and its 200 day simple moving average is $40.85. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders 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 dividend yield of 4.52%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

A number of research firms have commented on TFC. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Stephens reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Wednesday, July 17th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $46.02.

About Truist Financial

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.