APG Asset Management N.V. Sells 9,900 Shares of Truist Financial Corporation $TFC

Key Points

• APG Asset Management N.V. sold 9,900 shares of Truist Financial Corporation, reducing its stake by 1.4% to a total of 722,400 shares valued at approximately $27.5 million.
• Analysts have raised price targets for Truist Financial, with Raymond James upgrading it from "market perform" to "outperform" with a target of $50.00, while Citigroup boosted its target from $44.00 to $55.00.
• The company recently declared a quarterly dividend of $0.52 per share, which represents an annual yield of 4.5%, with a payout ratio of 56.68%.

APG Asset Management N.V. trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 722,400 shares of the insurance provider's stock after selling 9,900 shares during the period. APG Asset Management N.V. owned approximately 0.06% of Truist Financial worth $27,520,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Klingman & Associates LLC lifted its holdings in shares of Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock valued at $484,000 after purchasing an additional 248 shares in the last quarter. Haverford Trust Co lifted its holdings in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 262 shares in the last quarter. Manchester Capital Management LLC lifted its holdings in shares of Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after purchasing an additional 288 shares in the last quarter. Ballast Inc. lifted its holdings in shares of Truist Financial by 0.7% in the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock valued at $1,619,000 after purchasing an additional 290 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted its holdings in shares of Truist Financial by 4.8% in the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 291 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a report on Tuesday, July 8th. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, TD Cowen began coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Truist Financial Price Performance

Shares of NYSE TFC opened at $45.8880 on Friday. The business's 50 day moving average price is $43.76 and its two-hundred day moving average price is $41.77. The company has a market cap of $59.17 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.71 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 Corporation has a twelve month low of $33.56 and a twelve month 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 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 analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's quarterly revenue was down 406.0% compared to the same quarter last year. During the same period last year, the firm earned $0.91 EPS. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's payout ratio is 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Truist Financial 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.

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