Fjarde AP Fonden Fourth Swedish National Pension Fund Reduces Stock Position in Truist Financial Corporation (NYSE:TFC)

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in Truist Financial Corporation (NYSE:TFC) by 20.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 180,598 shares of the insurance provider’s stock after selling 46,200 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Truist Financial were worth $7,432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Truist Financial by 4.4% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 38,478 shares of the insurance provider’s stock worth $1,583,000 after buying an additional 1,634 shares during the period. National Pension Service lifted its holdings in Truist Financial by 5.9% in the first quarter. National Pension Service now owns 3,118,640 shares of the insurance provider’s stock worth $128,332,000 after buying an additional 172,599 shares during the period. Klingman & Associates LLC lifted its holdings in Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares during the period. Regal Partners Ltd lifted its holdings in Truist Financial by 37.9% in the first quarter. Regal Partners Ltd now owns 917,804 shares of the insurance provider’s stock worth $37,768,000 after buying an additional 252,023 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Truist Financial by 4.9% in the first quarter. Russell Investments Group Ltd. now owns 432,277 shares of the insurance provider’s stock worth $17,738,000 after buying an additional 20,141 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of TFC opened at $44.50 on Friday. The company has a market capitalization of $57.38 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 1.68 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50 day moving average of $43.31 and a 200 day moving average of $41.91. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the firm posted $0.91 EPS. The company’s revenue for the quarter was down 406.0% on a year-over-year basis. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial’s payout ratio is 56.68%.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler lowered their price objective on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Barclays decreased their target price on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Finally, TD Cowen assumed coverage on shares of Truist Financial in a research note on Thursday, May 15th. They set a “hold” rating and a $44.00 target price for the company. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.65.

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.