KLP Kapitalforvaltning AS Has $22.66 Million Position in Truist Financial Corporation $TFC

KLP Kapitalforvaltning AS cut its position in Truist Financial Corporation (NYSE:TFC) by 3.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 460,396 shares of the insurance provider’s stock after selling 15,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Truist Financial were worth $22,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TFC. Wellington Management Group LLP raised its position in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after buying an additional 10,310,523 shares in the last quarter. Jennison Associates LLC raised its position in shares of Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after buying an additional 2,625,847 shares in the last quarter. Azora Capital LP acquired a new position in shares of Truist Financial in the 3rd quarter valued at approximately $115,417,000. Skandinaviska Enskilda Banken AB publ raised its position in shares of Truist Financial by 164.0% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock valued at $105,490,000 after buying an additional 1,433,934 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Truist Financial by 71.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock valued at $136,065,000 after buying an additional 1,323,866 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $50.93 on Thursday. The company has a 50 day simple moving average of $48.21 and a 200 day simple moving average of $47.98. The stock has a market cap of $63.20 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 0.88 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $36.83 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 EPS. Research analysts anticipate that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s payout ratio is presently 51.61%.

Analyst Ratings Changes

Several brokerages have recently commented on TFC. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Piper Sandler upped their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Citigroup upped their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 31st. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Finally, Weiss Ratings upgraded shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, April 17th. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.41.

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.