Bank of New York Mellon Corp Makes New $338.86 Million Investment in Truist Financial Corporation $TFC

Key Points

• Bank of New York Mellon established a new position in Truist Financial worth approximately $338.9 million, acquiring 6.8 million shares, or about 0.56% of the company. Institutional investors collectively own 71.28% of Truist shares.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The stock recently traded around $50.48, with analysts holding a consensus “Hold” rating and an average price target of $55.12.
• Truist declared a quarterly dividend of $0.52 per share, equivalent to $2.08 annually and a yield of about 4.1%. Company insiders sold more than 30,000 shares worth approximately $1.58 million over the past quarter.

Bank of New York Mellon Corp purchased a new position in Truist Financial Corporation (NYSE:TFC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,801,581 shares of the insurance provider's stock, valued at approximately $338,855,000. Bank of New York Mellon Corp owned about 0.56% of Truist Financial as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. purchased a new position in Truist Financial during the 4th quarter worth approximately $26,000. McMillan Office Inc. purchased a new position in Truist Financial during the 4th quarter worth approximately $31,000. Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after buying an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after buying an additional 500 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 0.5%

Shares of Truist Financial stock opened at $50.48 on Friday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day moving average price of $51.26 and a 200 day moving average price of $49.82. The company has a market capitalization of $61.67 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion during the quarter, compared to analysts' expectations of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's dividend payout ratio is presently 47.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TFC shares. Bank of America restated a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Raymond James Financial reiterated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Stephens decreased their price target on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research note on Tuesday, July 21st. Morgan Stanley restated an "equal weight" rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, UBS Group cut shares of Truist Financial from a "buy" rating to a "neutral" rating and reduced their target price for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $55.12.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the company's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock worth $1,584,428 over the last quarter. 0.15% of the stock is currently owned by insiders.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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