31,600 Shares in Truist Financial Corporation (NYSE:TFC) Purchased by Arrowpoint Investment Partners Singapore Pte. Ltd.

Key Points

• Arrowpoint Investment Partners Singapore acquired a new position in Truist Financial, purchasing 31,600 shares valued at approximately $1.3 million.
• Institutional investors currently own 71.28% of Truist Financial's stock, with several hedge funds increasing their stakes significantly during the first quarter.
• Truist Financial's analysts have a consensus rating of "Moderate Buy" with a price target of $48.65, while the stock recently reported a quarterly EPS of $0.91, missing estimates.

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 31,600 shares of the insurance provider's stock, valued at approximately $1,300,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital International Investors lifted 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 during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after purchasing an additional 6,012,817 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after purchasing an additional 3,188,999 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at $117,929,000. Finally, 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. Institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.19 during trading on Thursday, reaching $45.00. 4,967,267 shares of the company's stock traded hands, compared to its average volume of 8,584,031. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a market cap of $58.02 billion, a PE ratio of 12.26, a P/E/G ratio of 1.64 and a beta of 0.87. The company has a 50-day simple moving average of $43.13 and a 200-day simple moving average of $41.95.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given 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 4.6%. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price 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. Argus set a $43.00 target price on Truist Financial in a research note on Monday, April 21st. Finally, Barclays reduced their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.65.

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.