Commerzbank Aktiengesellschaft FI Trims Stake in Truist Financial Corporation $TFC

Commerzbank Aktiengesellschaft FI reduced its stake in Truist Financial Corporation (NYSE:TFC) by 31.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,883 shares of the insurance provider’s stock after selling 21,709 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Truist Financial were worth $2,155,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Auto Owners Insurance Co boosted its position in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. 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 worth $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Norges Bank purchased a new position in shares of Truist Financial in the 4th quarter valued at approximately $502,340,000. American Assets Investment Management LLC lifted its stake in shares of Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after purchasing an additional 2,867,449 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TFC. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Evercore reissued an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Finally, Robert W. Baird lifted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.61.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $51.34 on Wednesday. The business has a fifty day moving average price of $49.53 and a 200-day moving average price of $49.52. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $63.96 billion, a PE ratio of 11.77, a PEG ratio of 0.89 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the previous year, the business posted $0.91 EPS. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4.53 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th 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, May 8th. Truist Financial’s dividend payout ratio is currently 47.71%.

Truist Financial Company 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.