Truist Financial Corporation $TFC Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC reduced its holdings in Truist Financial Corporation by 2.7%, now owning 342,128 shares valued at approximately $14 million after selling 9,369 shares.
• A variety of hedge funds have adjusted their stakes in Truist Financial, with Centennial Bank AR increasing its ownership by 360.2% during the first quarter.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, resulting in an annualized yield of 4.5% with a payout ratio of 56.68%.

MetLife Investment Management LLC lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 342,128 shares of the insurance provider's stock after selling 9,369 shares during the period. MetLife Investment Management LLC's holdings in Truist Financial were worth $14,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TFC. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after purchasing an additional 6,012,817 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after purchasing an additional 3,188,999 shares during the last quarter. Nuveen LLC purchased a new position in shares of Truist Financial during the first quarter worth $117,929,000. Northern Trust Corp raised its holdings in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Truist Financial by 610.8% during the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after purchasing an additional 2,287,410 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of TFC stock traded up $0.10 on Friday, reaching $46.89. 9,362,994 shares of the company were exchanged, compared to its average volume of 6,777,159. The company has a market cap of $60.46 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 1.75 and a beta of 0.88. The business has a 50-day moving average price of $44.45 and a 200 day moving average price of $41.71. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, August 8th. Truist Financial's payout ratio is presently 56.68%.

Analysts Set New Price Targets

Several research analysts recently issued reports on TFC shares. 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 report on Tuesday, July 8th. TD Cowen initiated coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.

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.