Danske Bank A S Raises Stock Position in Truist Financial Corporation $TFC

Key Points

• Danske Bank A/S raised its stake in Truist by 10.6% to 818,563 shares, worth about $40.28 million and representing roughly 0.06% of the company at quarter-end.
• Several large institutions boosted positions—most notably Wellington Management, which now owns 10,386,831 shares after a 13,511.7% increase—and institutional investors collectively hold about 71.28% of Truist.
• Truist declared a quarterly dividend of $0.52 (annualized $2.08) for a 4.1% yield with an ex-dividend date of May 8 and payment on June 1, and reported a quarterly EPS beat of $1.09 versus $1.00 consensus.

Danske Bank A S increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 10.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 818,563 shares of the insurance provider's stock after acquiring an additional 78,697 shares during the quarter. Danske Bank A S owned about 0.06% of Truist Financial worth $40,281,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock valued at $179,176,000 after purchasing an additional 2,625,847 shares during the last quarter. Azora Capital LP acquired a new stake in shares of Truist Financial during the third quarter worth $115,417,000. Skandinaviska Enskilda Banken AB publ raised its position in Truist Financial by 164.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock worth $105,490,000 after buying an additional 1,433,934 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Truist Financial by 71.9% in the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock valued at $136,065,000 after acquiring an additional 1,323,866 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares of the company's stock, valued at $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.15% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.98 on Friday. The business has a fifty day simple moving average of $48.10 and a 200-day simple moving average of $48.24. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $38.27 and a 52 week high of $56.19. The company has a market cap of $63.26 billion, a P/E ratio of 12.65, a P/E/G ratio of 0.88 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the company posted $0.87 EPS. The company's quarterly revenue was up 5.0% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial's dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TFC. Evercore reissued an "outperform" rating on shares of Truist Financial in a research note on Thursday, February 5th. Weiss Ratings upgraded Truist Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, April 17th. Robert W. Baird reaffirmed a "neutral" rating and set a $55.00 price target on shares of Truist Financial in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Finally, Piper Sandler raised their price target on Truist Financial from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.59.

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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