Caisse DE Depot ET Placement DU Quebec Has $6.71 Million Position in Truist Financial Corporation $TFC

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its stake in Truist Financial Corporation by 85.3%, holding 163,030 shares worth approximately $6.7 million after selling 945,436 shares in the first quarter.
• Several institutional investors made substantial increases to their positions in Truist Financial, notably Centennial Bank AR and Motco, raising their stakes by over 360% and 430% respectively.
• Truist Financial reported earnings of $0.91 per share for the last quarter, missing analysts' estimates, and announced a quarterly dividend of $0.52 per share with a yield of 4.4%.

Caisse DE Depot ET Placement DU Quebec reduced its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 163,030 shares of the insurance provider's stock after selling 945,436 shares during the period. Caisse DE Depot ET Placement DU Quebec's holdings in Truist Financial were worth $6,709,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Centennial Bank AR increased its holdings in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the last quarter. Motco boosted its position in shares of Truist Financial by 435.6% in the first 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. boosted its position in shares of Truist Financial by 115.3% in the first 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. Sierra Ocean LLC boosted its position in shares of Truist Financial by 64.4% in the first 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. Finally, Rossby Financial LCC bought a new stake in shares of Truist Financial in the first quarter valued at about $43,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

TFC traded down $0.70 on Tuesday, hitting $46.13. 3,441,620 shares of the stock were exchanged, compared to its average volume of 8,466,424. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The business has a 50-day moving average of $44.57 and a two-hundred day moving average of $41.71. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $59.48 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.75 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate 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%.The firm's revenue was down 406.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TFC shares. TD Cowen started coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research report on Tuesday, July 8th. Finally, Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Truist Financial has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business'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 completion of the transaction, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

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.