Skandinaviska Enskilda Banken AB publ Increases Position in Truist Financial Corporation $TFC

Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 164.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,308,054 shares of the insurance provider’s stock after purchasing an additional 1,433,934 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.18% of Truist Financial worth $105,490,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the third quarter valued at $28,000. Aspect Partners LLC increased its holdings in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares in the last quarter. Darwin Wealth Management LLC increased its holdings in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Princeton Global Asset Management LLC purchased a new position in shares of Truist Financial in the 2nd quarter worth about $30,000. Finally, Capital A Wealth Management LLC raised its position in shares of Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 0.4%

TFC stock opened at $51.86 on Tuesday. The business’s 50-day moving average price is $50.94 and its 200-day moving average price is $47.08. The stock has a market cap of $66.34 billion, a P/E ratio of 13.61, a PEG ratio of 0.88 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the company posted $0.91 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s payout ratio is 54.59%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 21,660 shares of company stock worth $1,075,087. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TFC shares. Morgan Stanley lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.60.

About Truist Financial

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.