The Manufacturers Life Insurance Company trimmed its holdings in Truist Financial Corporation (NYSE:TFC – Free Report) by 7.4% in the 1st quarter, HoldingsChannel reports. The firm owned 975,926 shares of the insurance provider’s stock after selling 77,428 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Truist Financial were worth $44,863,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in TFC. 3Chopt Investment Partners LLC boosted its position in shares of Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares during the last quarter. IFP Advisors Inc increased its holdings in Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares during the last quarter. PCB Capital LLC increased its holdings in Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after acquiring an additional 198 shares during the last quarter. AlphaCore Capital LLC lifted its stake in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its stake in Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have commented on TFC. Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $54.67.
Truist Financial Price Performance
TFC stock opened at $51.98 on Friday. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $50.21 and a two-hundred day simple moving average of $49.60. The firm has a market capitalization of $64.76 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period last year, the company posted $0.91 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.
Insider Activity
In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director directly owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.15% of the company’s stock.
Truist Financial Profile
Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.
Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.
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