Equity Investment Corp Purchases Shares of 2,256,163 Truist Financial Corporation $TFC

Key Points

• Equity Investment Corp acquired 2.26 million Truist Financial shares worth approximately $112.4 million, making TFC 2.1% of its portfolio. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, representing a 4.0% annualized yield.
• TFC shares opened at $52.46, while analysts maintained a generally neutral outlook with a consensus “Hold” rating and an average price target of $54.67. Recent insider transactions involved sales totaling 30,516 shares.

Equity Investment Corp acquired a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,256,163 shares of the insurance provider's stock, valued at approximately $112,402,000. Truist Financial comprises 2.1% of Equity Investment Corp's portfolio, making the stock its 21st largest holding. Equity Investment Corp owned 0.18% of Truist Financial at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TFC. BlackRock Inc. acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $4,959,834,000. Auto Owners Insurance Co grew its position in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock worth $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP grew its position in 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 buying an additional 10,310,523 shares in the last quarter. Norges Bank bought a new position in Truist Financial during the 4th quarter worth $502,340,000. Finally, Bank of New York Mellon Corp bought a new position in Truist Financial during the 2nd quarter worth $338,855,000. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Down 0.1%

Shares of NYSE TFC opened at $52.46 on Wednesday. The company has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.12 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock has a 50-day moving average price of $51.27 and a two-hundred day moving average price of $49.82.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company posted $0.91 EPS. As a group, analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's payout ratio is presently 47.71%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the business's stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,516 shares of company stock valued at $1,584,428 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TFC shares. JPMorgan Chase & Co. upped their target price on Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price target on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Evercore reaffirmed an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $54.67.

Truist Financial Profile

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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