Caisse de depot et placement du Quebec Reduces Stock Holdings in Truist Financial Corporation $TFC

Caisse de depot et placement du Quebec lowered its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 32.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 298,326 shares of the insurance provider’s stock after selling 140,424 shares during the quarter. Caisse de depot et placement du Quebec’s holdings in Truist Financial were worth $14,863,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Capital International Investors raised its holdings in Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares during the period. BlackRock Inc. bought a new stake in Truist Financial during the 2nd quarter worth approximately $4,959,834,000. Victory Capital Management Inc. lifted its holdings in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares in the last quarter. Morgan Stanley boosted its position in shares of Truist Financial by 2.9% in the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co increased its stake in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TFC. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their price target on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Robert W. Baird lifted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Finally, Evercore restated an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $55.12.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 0.3%

Shares of NYSE:TFC opened at $50.46 on Friday. The company has a market cap of $61.64 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $51.47 and a 200 day moving average price of $49.68.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Truist Financial 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.