Allstate Corp Lowers Holdings in Truist Financial Corporation $TFC

Key Points

• Allstate Corp has decreased its stake in Truist Financial Corporation by 73.8%, leaving it with 10,549 shares valued at $434,000 after selling nearly 30,000 shares in the first quarter.
• Several institutional investors have increased their positions in Truist Financial, with Brighton Jones LLC notably growing its stake by 148.5% in the fourth quarter.
• Truist Financial reported earnings per share of $0.91 in its last earnings announcement, missing analyst expectations, and announced a quarterly dividend of $0.52 per share, reflecting a yield of 4.5%.

Allstate Corp reduced its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 73.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,549 shares of the insurance provider's stock after selling 29,696 shares during the quarter. Allstate Corp's holdings in Truist Financial were worth $434,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Northern Trust Corp lifted its holdings in shares of Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Invesco Ltd. raised its stake in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the last quarter. American Century Companies Inc. raised its stake in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after buying an additional 2,158,639 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Truist Financial by 13.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock valued at $465,827,000 after purchasing an additional 1,307,252 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Truist Financial by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after purchasing an additional 89,373 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.10 on Friday, reaching $46.89. The company's stock had a trading volume of 9,362,994 shares, compared to its average volume of 6,731,813. The company has a market capitalization of $60.46 billion, a P/E ratio of 12.78, a PEG ratio of 1.74 and a beta of 0.87. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The stock has a 50-day moving average price of $44.45 and a 200-day moving average price of $41.78. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue was down 406.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, August 8th. Truist Financial's payout ratio is presently 56.68%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TFC shares. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. TD Cowen initiated coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective for the company. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial raised 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. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Insider Activity

In related 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 sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is owned by insiders.

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.