Swedbank AB Sells 31,468 Shares of Truist Financial Corporation $TFC

Swedbank AB lowered its holdings in Truist Financial Corporation (NYSE:TFC) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 807,904 shares of the insurance provider’s stock after selling 31,468 shares during the quarter. Swedbank AB’s holdings in Truist Financial were worth $37,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Auto Owners Insurance Co lifted its stake 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 during the period. Wellington Management Group LLP grew its stake in shares of Truist Financial by 13,511.7% in the third 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 during the period. Norges Bank bought a new stake in shares of Truist Financial in the fourth quarter worth approximately $502,340,000. American Assets Investment Management LLC grew its stake in shares of Truist Financial by 781.2% in the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after acquiring an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Truist Financial by 37.6% during the fourth 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 last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 3.2%

Shares of TFC stock opened at $49.70 on Thursday. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock has a market cap of $61.93 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.88 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a 50 day simple moving average of $49.15 and a two-hundred day simple moving average of $49.41.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the company posted $0.87 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. On average, research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TFC. Evercore restated an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. decreased their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Morgan Stanley reissued 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. Finally, Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $54.47.

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.