Capital International Investors Invests $1.61 Billion in Truist Financial Corporation (NYSE:TFC)
Capital International Investors purchased a new position in Truist Financial Corporation (NYSE:TFC) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 28,527,014 shares of the insurance provider’s stock, valued at approximately $1,606,641,000.
Several other large investors also recently modified their holdings of the company. Continental Advisors LLC purchased a new position in Truist Financial during the fourth quarter valued at approximately $2,663,000. Gratus Capital LLC bought a new stake in Truist Financial during the 4th quarter worth about $1,243,000. United Asset Strategies Inc. bought a new stake in Truist Financial during the 4th quarter worth about $7,318,000. ACG Wealth bought a new stake in Truist Financial during the 4th quarter worth about $400,000. Finally, Amalgamated Bank bought a new stake in Truist Financial during the 4th quarter worth about $11,400,000. 71.99% of the stock is owned by institutional investors.
A number of equities research analysts have commented on TFC shares. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $56.00 price objective on the stock in a report on Tuesday, March 17th. Royal Bank of Canada restated a “buy” rating on shares of Truist Financial in a research note on Monday, February 3rd. Stephens cut their target price on Truist Financial from $61.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Morgan Stanley started coverage on Truist Financial in a research note on Thursday, December 19th. They issued an “equal weight” rating and a $56.00 target price for the company. Finally, Zacks Investment Research upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Wednesday, January 1st. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.38.
Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, January 30th. The insurance provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. Truist Financial had a return on equity of 10.03% and a net margin of 21.49%. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter last year, the firm posted $1.05 EPS. On average, equities research analysts expect that Truist Financial Corporation will post 4.29 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 14th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.80 annualized dividend and a dividend yield of 5.49%. Truist Financial’s payout ratio is currently 41.19%.
In other news, EVP Michael Baron Maguire sold 4,857 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $54.82, for a total value of $266,260.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.35% of the company’s stock.
About Truist Financial
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
See Also: Dividend Reinvestment Plan (DRIP)
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