Truist Financial Corporation (NYSE:TFC) Holdings Lifted by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Truist Financial Corporation by 26.8%, acquiring a total of 152,848 shares valued at approximately $6.29 million.
• A number of institutional investors, including Capital International and Victory Capital Management, also significantly raised their positions in Truist Financial, with the highest increase being 922.9% by Victory Capital.
• Truist Financial announced a quarterly dividend of $0.52 per share, representing a 4.8% yield, with a payout ratio of 56.68%.

Mackenzie Financial Corp lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 26.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,848 shares of the insurance provider's stock after purchasing an additional 32,313 shares during the period. Mackenzie Financial Corp's holdings in Truist Financial were worth $6,290,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TFC. Capital International Investors grew its stake in Truist Financial by 26.0% in the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Northern Trust Corp grew its stake in Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after acquiring an additional 2,452,239 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Truist Financial by 13.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after acquiring an additional 1,307,252 shares during the period. FMR LLC grew its stake in Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after acquiring an additional 5,457,053 shares during the period. Finally, Invesco Ltd. grew its stake in Truist Financial by 12.4% in the 4th quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider's stock worth $431,687,000 after acquiring an additional 1,101,256 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 1.1%

TFC stock traded up $0.47 during trading on Monday, reaching $43.43. The stock had a trading volume of 7,174,934 shares, compared to its average volume of 8,379,985. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. 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 company has a market capitalization of $56.87 billion, a P/E ratio of 11.83, a PEG ratio of 1.60 and a beta of 0.87. The firm has a fifty day moving average price of $42.50 and a 200 day moving average price of $42.09.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS 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 firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The business's quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Friday, August 8th. Truist Financial's payout ratio is 56.68%.

Insider Buying and Selling at Truist Financial

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 stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Stephens lowered their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Barclays lowered their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Argus set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Piper Sandler lowered their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and an average price target of $48.65.

About Truist Financial

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.