American Century Companies Inc. Increases Stock Position in Truist Financial Corporation $TFC

Key Points

• American Century Companies Inc. has increased its stake in Truist Financial Corporation by 21.8%, now owning 12,041,524 shares valued at approximately $495 million.
• Truist Financial reported $0.91 earnings per share for the last quarter, which missed expectations by $0.02, while revenue remained stable at $5.04 billion.
• The company also announced a quarterly dividend of $0.52 per share, reflecting a dividend yield of 4.6%.

American Century Companies Inc. grew its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 21.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,041,524 shares of the insurance provider's stock after acquiring an additional 2,158,639 shares during the period. American Century Companies Inc. owned 0.92% of Truist Financial worth $495,509,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of TFC. Navigoe LLC acquired a new stake in Truist Financial during the 4th quarter worth about $26,000. Centennial Bank AR grew its stake in shares of Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after buying an additional 580 shares during the period. Motco boosted its stake in Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC boosted its stake in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock traded down $0.1550 on Tuesday, hitting $44.1750. 6,062,086 shares of the stock traded hands, compared to its average volume of 8,531,316. 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 firm has a market cap of $56.96 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.66 and a beta of 0.87. The firm has a 50 day simple moving average of $43.39 and a two-hundred day simple moving average of $41.81. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during 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 quarter in the prior year, the firm posted $0.91 earnings per share. As a group, equities research analysts predict that Truist Financial Corporation will post 4 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 2nd. Stockholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on TFC shares. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. TD Cowen began coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target for the company. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Stephens decreased their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Company Profile

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.