Aigen Investment Management LP Purchases New Position in Truist Financial Corporation (NYSE:TFC)

Key Points

• Aigen Investment Management LP made a new investment of approximately $2.44 million in Truist Financial Corporation, purchasing 59,175 shares during the 1st quarter.
• Insider Bradley D. Bender sold over 12,500 shares of Truist shares at a price of $45.19, significantly reducing their ownership by 96.17%.
• Truist Financial announced a quarterly dividend of $0.52, with a dividend yield of 4.8%, set to be paid on September 2nd.

Aigen Investment Management LP acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 59,175 shares of the insurance provider's stock, valued at approximately $2,435,000.

Other hedge funds have also bought and sold shares of the company. Comerica Bank grew its stake in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after buying an additional 498,531 shares in the last quarter. Code Waechter LLC purchased a new position in shares of Truist Financial during the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after purchasing an additional 19,286 shares in the last quarter. Finally, Stifel Financial Corp grew its position in shares of Truist Financial by 2.8% during the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after purchasing an additional 60,848 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TFC shares. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Piper Sandler reduced their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Barclays reduced their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Trading Up 2.0%

Truist Financial stock traded up $0.86 during mid-day trading on Wednesday, hitting $44.87. The company's stock had a trading volume of 8,715,466 shares, compared to its average volume of 8,607,668. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $57.86 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87. The business has a 50 day moving average price of $43.02 and a 200-day moving average price of $41.93. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's revenue was down 406.0% on a year-over-year basis. During the same period last year, the company posted $0.91 earnings per share. As a group, analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's dividend payout ratio is 56.68%.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.