Truist Financial Corporation (NYSE:TFC) Shares Sold by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB has reduced its stake in Truist Financial Corporation by 12.2%, selling 53,104 shares and now holding 380,807 shares valued at approximately $15.67 million.
• Truist Financial's recent earnings report revealed $0.91 earnings per share, missing analyst estimates of $0.93, with year-over-year revenue down by 406.0%.
• The company has declared a quarterly dividend of $0.52 per share, with a current dividend yield of 4.9% and a payout ratio of 56.68%.

AMF Tjanstepension AB trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 380,807 shares of the insurance provider's stock after selling 53,104 shares during the period. AMF Tjanstepension AB's holdings in Truist Financial were worth $15,670,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors increased its holdings in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares in the last quarter. Victory Capital Management Inc. lifted its position in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after buying an additional 6,012,817 shares during the last quarter. FMR LLC lifted its position in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares in the last quarter. Northern Trust Corp grew its stake in Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TFC shares. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Piper Sandler cut their price target on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Argus set a $43.00 price target on Truist Financial in a report on Monday, April 21st. Finally, Stephens decreased their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.65.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction 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 sale, the insider directly owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.17% of the company's stock.

Truist Financial Stock Up 0.5%

Shares of NYSE TFC traded up $0.23 on Friday, reaching $43.08. 5,313,847 shares of the company's stock traded hands, compared to its average volume of 7,826,328. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The business's 50 day simple moving average is $42.86 and its two-hundred day simple moving average is $41.98. The company has a market cap of $55.55 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 1.61 and a beta of 0.87. 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 announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business 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%. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.8%. Truist Financial's payout ratio is 56.68%.

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.