E. Ohman J or Asset Management AB Sells 10,096 Shares of Truist Financial Corporation $TFC

Key Points

• E. Ohman J or Asset Management AB sold 10,096 shares of Truist Financial Corporation, decreasing its holdings by 16.6% to 50,884 shares, valued at approximately $2,188,000.
• Several institutional investors have recently adjusted their positions, with Pinnacle Financial Partners Inc increasing its stake by 55.1% and Credit Agricole S A by 76.4% during the first quarter.
• Truist Financial's stock is currently rated as a Moderate Buy, with a consensus price target of $48.47, following various upgrades and downgrades by major analysts.

E. Ohman J or Asset Management AB decreased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 16.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,884 shares of the insurance provider's stock after selling 10,096 shares during the period. E. Ohman J or Asset Management AB's holdings in Truist Financial were worth $2,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. First Hawaiian Bank lifted its position in shares of Truist Financial by 8.6% during the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider's stock worth $493,000 after purchasing an additional 948 shares during the last quarter. Code Waechter LLC bought a new position in shares of Truist Financial in the first quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. increased its stake in Truist Financial by 4.6% in 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 during the period. Pinnacle Financial Partners Inc lifted its holdings in Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after buying an additional 47,717 shares in the last quarter. Finally, Credit Agricole S A lifted its holdings in Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider's stock valued at $20,591,000 after buying an additional 216,672 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TFC shares. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research note on Wednesday, July 9th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Insider Buying and Selling

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

Truist Financial Stock Down 0.9%

TFC stock opened at $44.82 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average of $45.01 and a two-hundred day moving average of $41.68. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a market cap of $57.79 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.69 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly 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). The company had revenue of $5.04 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. As a group, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

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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