99,555,076 Shares in Truist Financial Corporation $TFC Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 99.6 million Truist Financial shares worth approximately $4.96 billion, giving it an 8.15% stake. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, exceeding estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, implying a 4.0% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $54.67, slightly above the stock’s reported price of $52.46; recent insider transactions were net sales.

BlackRock Inc. purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 99,555,076 shares of the insurance provider's stock, valued at approximately $4,959,834,000. BlackRock Inc. owned 8.15% of Truist Financial at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Pinnacle Financial Partners Inc. grew its holdings in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock valued at $7,994,000 after buying an additional 40,393 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock worth $20,059,000 after buying an additional 367,291 shares in the last quarter. Franklin Street Advisors Inc. NC lifted its holdings in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock worth $1,856,000 after buying an additional 20,991 shares in the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Truist Financial by 77.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock valued at $7,795,000 after acquiring an additional 68,990 shares during the period. Finally, Concord Asset Management LLC VA boosted its position in shares of Truist Financial by 528.6% in the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider's stock valued at $3,232,000 after acquiring an additional 55,237 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Price Performance

Truist Financial stock opened at $52.46 on Wednesday. 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 $64.08 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The stock has a fifty day moving average of $51.27 and a 200-day moving average of $49.82.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 10.06% and a net margin of 19.13%.The business's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 earnings per share. On average, sell-side analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial's payout ratio is 47.71%.

Insider Buying and Selling

In related news, insider Donta L. Wilson sold 13,280 shares of the business's stock in a transaction 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 sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares of the company's stock, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 in the last three months. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on TFC shares. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Citigroup cut Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Morgan Stanley reiterated an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $54.67.

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.

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