Bank of Nova Scotia Decreases Holdings in Truist Financial Corporation (NYSE:TFC)

Key Points

• The Bank of Nova Scotia reduced its holdings in Truist Financial Corporation by 76.0%, leaving it with 137,789 shares worth approximately $5.67 million.
• Several hedge funds increased their stakes in Truist Financial during the same period, with notable growth from Centennial Bank AR (360.2%) and Motco (435.6%).
• Truist Financial's quarterly earnings report showed an EPS of $0.91, which missed the analysts' expectations, and the company declared a $0.52 quarterly dividend with a yield of 4.8%.

Bank of Nova Scotia cut its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 76.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 137,789 shares of the insurance provider's stock after selling 436,909 shares during the period. Bank of Nova Scotia's holdings in Truist Financial were worth $5,670,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in TFC. Navigoe LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at $26,000. Centennial Bank AR grew its position in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 580 shares during the period. Motco grew its position in shares of 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 acquiring an additional 649 shares during the period. Meeder Asset Management Inc. grew its position in shares of 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 acquiring an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its position in shares of 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 acquiring an additional 352 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TFC. Stephens cut their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Argus set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $43.43 on Tuesday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The stock has a market capitalization of $56.87 billion, a P/E ratio of 11.83, a PEG ratio of 1.60 and a beta of 0.87. The firm has a fifty day simple moving average of $42.58 and a two-hundred day simple moving average of $42.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.69% and a net margin of 16.82%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The business's quarterly revenue was down 406.0% on a year-over-year basis. On average, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $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 can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

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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