Caxton Associates LLP Acquires Shares of 28,468 Truist Financial Corporation $TFC

Key Points

• Caxton Associates LLP acquired 28,468 shares of Truist Financial, valued at approximately $1,171,000, during the first quarter of the year.
• Several institutional investors, including Victory Capital Management and Invesco Ltd., significantly increased their stakes in Truist Financial, highlighting a growing confidence in the company's stock.
• Truist Financial's stock recently posted a decline of 1.6%, with a current market capitalization of $58.40 billion and P/E ratio of 12.34.

Caxton Associates LLP acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 28,468 shares of the insurance provider's stock, valued at approximately $1,171,000.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 922.9% in the first 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. boosted its position in shares of Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after acquiring an additional 3,188,999 shares during the period. Nuveen LLC bought a new stake in shares of Truist Financial in the first quarter valued at about $117,929,000. Assenagon Asset Management S.A. boosted its position in shares of Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after acquiring an additional 2,158,639 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Truist Financial Stock Down 1.6%

TFC stock opened at $45.29 on Wednesday. The stock has a market capitalization of $58.40 billion, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a 50-day moving average price of $45.02 and a 200-day moving average price of $41.72.

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). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate 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 last year, the company posted $0.91 EPS. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial's dividend payout ratio is currently 56.68%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TFC. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. 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. Wells Fargo & Company reissued an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. 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. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

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.

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