Varma Mutual Pension Insurance Co Acquires 31,300 Shares of Truist Financial Corporation $TFC

Varma Mutual Pension Insurance Co lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 9.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 355,880 shares of the insurance provider’s stock after buying an additional 31,300 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Truist Financial were worth $17,730,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TFC. Vanguard Group Inc. boosted its position in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares during the period. Capital International Investors increased its holdings in shares of Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares during the period. BlackRock Inc. purchased a new position in shares of Truist Financial in the second quarter worth about $4,959,834,000. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after acquiring an additional 597,255 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC opened at $50.48 on Friday. 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 52-week low of $40.78 and a 52-week high of $56.19. The stock has a market capitalization of $61.67 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. The stock’s 50 day moving average price is $51.26 and its 200-day moving average price is $49.82.

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

Truist Financial Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on TFC shares. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Stephens decreased their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. 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 research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. increased their price objective on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.12.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is currently owned by corporate insiders.

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.