Canada Pension Plan Investment Board Raises Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Canada Pension Plan Investment Board increased its Truist Financial stake by 190.8% in the second quarter, adding 744,226 shares to own 1.13 million shares worth approximately $56.5 million. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, representing a 4.1% annualized yield.
• TFC shares opened at $50.30, while analysts maintained an overall “Hold” consensus with an average price target of $55.12; recent ratings included upgrades to targets as well as a Citigroup downgrade to “Neutral.”

Canada Pension Plan Investment Board raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 190.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,134,330 shares of the insurance provider's stock after acquiring an additional 744,226 shares during the period. Canada Pension Plan Investment Board owned approximately 0.09% of Truist Financial worth $56,512,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TFC. Legal & General Group Plc lifted its holdings in shares of Truist Financial by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider's stock valued at $391,281,000 after buying an additional 44,215 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Truist Financial by 7.6% during the 2nd quarter. Jones Financial Companies Lllp now owns 2,329,997 shares of the insurance provider's stock valued at $117,632,000 after purchasing an additional 164,232 shares during the period. Veratis Advisors Inc. bought a new stake in shares of Truist Financial during the 2nd quarter valued at about $2,617,000. Paradigm Capital Management LLC NV increased its position in shares of Truist Financial by 23.1% during the 2nd quarter. Paradigm Capital Management LLC NV now owns 27,084 shares of the insurance provider's stock valued at $1,349,000 after purchasing an additional 5,084 shares during the last quarter. Finally, Park Place Capital Corp increased its position in shares of Truist Financial by 49.2% during the 2nd quarter. Park Place Capital Corp now owns 20,498 shares of the insurance provider's stock valued at $1,021,000 after purchasing an additional 6,756 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Trading Down 0.7%

Truist Financial stock opened at $50.30 on Friday. The firm has a 50 day moving average of $51.42 and a 200 day moving average of $49.67. The firm has a market capitalization of $61.44 billion, a price-to-earnings ratio of 11.54, a P/E/G ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

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

Truist Financial Announces Dividend

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

Insider Activity at Truist Financial

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

Analysts Set New Price Targets

Several analysts recently issued reports on TFC shares. Weiss Ratings restated a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Stephens cut their price objective on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. upped their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $55.12.

Truist Financial Company Profile

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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