AMF Tjanstepension AB Lowers Position in Truist Financial Corporation (NYSE:TFC)

AMF Tjanstepension AB lessened its stake in Truist Financial Corporation (NYSE:TFC) by 12.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 380,807 shares of the insurance provider’s stock after selling 53,104 shares during the quarter. AMF Tjanstepension AB’s holdings in Truist Financial were worth $15,670,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Navigoe LLC purchased a new stake in Truist Financial during the fourth quarter valued at $26,000. Centennial Bank AR raised its stake in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco raised its stake in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC raised its stake in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.5%

Shares of Truist Financial stock opened at $42.81 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm’s 50-day moving average is $42.79 and its two-hundred day moving average is $42.04. The stock has a market cap of $55.20 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 1.60 and a beta of 0.87.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.9%. The ex-dividend date is Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on TFC shares. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Piper Sandler decreased their price target on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Seven 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.65.

Truist Financial Company Profile

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.