The Manufacturers Life Insurance Company Sells 154,903 Shares of Truist Financial Corporation $TFC

The Manufacturers Life Insurance Company decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 15.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 821,023 shares of the insurance provider’s stock after selling 154,903 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Truist Financial worth $40,903,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. purchased a new position in shares of Truist Financial in the fourth quarter worth $26,000. N.E.W. Advisory Services LLC bought a new position in shares of Truist Financial during the second quarter valued at $30,000. Navigoe LLC bought a new position in shares of Truist Financial during the second quarter valued at $30,000. Finally, McMillan Office Inc. purchased a new stake in shares of Truist Financial during the fourth quarter valued at $31,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director K. Boyer, Jr. sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TFC shares. Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Finally, Bank of America reissued a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $55.12.

Truist Financial Stock Up 0.2%

Truist Financial stock opened at $50.43 on Friday. The stock has a market cap of $61.61 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The stock has a fifty day moving average of $51.55 and a 200 day moving average of $49.52.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.