Deutsche Bank AG purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,162,751 shares of the insurance provider's stock, valued at approximately $257,208,000. Deutsche Bank AG owned approximately 0.42% of Truist Financial at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of TFC. Kemnay Advisory Services Inc. bought a new stake in Truist Financial in the fourth quarter valued at about $25,000. Swiss RE Ltd. bought a new position in Truist Financial during the fourth quarter worth about $26,000. N.E.W. Advisory Services LLC bought a new position in Truist Financial during the second quarter worth about $30,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the 4th quarter worth about $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after buying an additional 431 shares during the period. Institutional investors own 71.28% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. Morgan Stanley reaffirmed an "equal weight" rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Citigroup lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and decreased their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $54.67.
Read Our Latest Research Report on TFC
Truist Financial Price Performance
NYSE TFC opened at $52.46 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a market capitalization of $64.08 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The firm's 50 day moving average is $51.27 and its 200-day moving average is $49.82.
Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio is 47.71%.
Insider Buying and Selling at Truist Financial
In related news, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. Insiders sold 30,516 shares of company stock valued at $1,584,428 in the last quarter. 0.15% of the stock is currently owned by insiders.
About Truist Financial
(
Free Report)
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.
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