Dynamic Technology Lab Private Ltd Invests $2.26 Million in Truist Financial Corporation $TFC

Key Points

• Dynamic Technology Lab Private Ltd invested approximately $2.26 million in Truist Financial Corporation, acquiring 55,008 shares in the first quarter.
• Truist Financial reported earnings of $0.91 per share for the latest quarter, slightly missing analyst expectations of $0.93, with a revenue of $5.04 billion.
• The company announced a quarterly dividend of $0.52 per share, reflecting an annualized payout of $2.08 and a dividend yield of 4.5%.

Dynamic Technology Lab Private Ltd bought a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 55,008 shares of the insurance provider's stock, valued at approximately $2,264,000.

Other large investors have also modified their holdings of the company. Code Waechter LLC purchased a new position in shares of Truist Financial during the 1st quarter worth approximately $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in shares of Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after buying an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc raised its stake in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock worth $5,530,000 after buying an additional 47,717 shares in the last quarter. Credit Agricole S A raised its stake in shares of Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider's stock worth $20,591,000 after buying an additional 216,672 shares in the last quarter. Finally, Adapt Wealth Advisors LLC raised its stake in shares of Truist Financial by 78.9% during the 1st quarter. Adapt Wealth Advisors LLC now owns 20,456 shares of the insurance provider's stock worth $842,000 after buying an additional 9,021 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Down 1.1%

Shares of TFC opened at $46.55 on Friday. 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 50 day simple moving average of $44.94 and a 200-day simple moving average of $41.73. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The stock has a market cap of $60.02 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.73 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $5.04 billion. During the same period last year, the business earned $0.91 earnings per share. The company's revenue for the quarter was down 406.0% on a year-over-year basis. Equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Truist Financial has an average rating of "Moderate Buy" and an average target price of $48.47.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.17% of the company's stock.

Truist Financial 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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