Deutsche Bank AG Sells 1,698,934 Shares of Truist Financial Corporation (NYSE:TFC)

Key Points

• Deutsche Bank AG sold 1,698,934 shares of Truist Financial Corporation, reducing its stake by 29.0%, now holding approximately 4.16 million shares valued at $171 million.
• Truist Financial reported a quarterly EPS of $0.91, which missed the consensus estimate of $0.93, while its revenue was $5.04 billion, matching analyst expectations.
• The firm declared a quarterly dividend of $0.52 per share, reflecting an annualized dividend of $2.08, yielding 4.8% with a payout ratio of 56.68%.

Deutsche Bank AG cut its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 29.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,162,311 shares of the insurance provider's stock after selling 1,698,934 shares during the period. Deutsche Bank AG owned about 0.32% of Truist Financial worth $171,279,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Navigoe LLC bought a new stake in shares of Truist Financial during the fourth quarter worth approximately $26,000. Centennial Bank AR raised its stake in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the last quarter. Motco raised its stake in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after buying an additional 649 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after buying an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC raised its stake in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC opened at $43.08 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a fifty day simple moving average of $42.86 and a 200 day simple moving average of $42.01. The stock has a market capitalization of $55.55 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 1.60 and a beta of 0.87. 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 (NYSE:TFC - Get Free Report) last announced 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). 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 for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business's revenue for the quarter was down 406.0% compared to the same quarter last year. Research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be issued 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 4.8%. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods downgraded 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 note on Wednesday, July 9th. Argus set a $43.00 target price on shares of Truist Financial in a research note on Monday, April 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 note on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Seven investment 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.65.

Insider Transactions at Truist Financial

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 transaction 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 filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

Truist Financial Company 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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