Munich Reinsurance Co Stock Corp in Munich Acquires New Position in Truist Financial Corporation $TFC

Key Points

• Munich Reinsurance acquired 88,643 shares of Truist Financial in the second quarter, valued at approximately $4.4 million. Institutional investors collectively own 71.28% of Truist’s outstanding stock.
• Truist reported quarterly earnings of $1.23 per share, surpassing the $1.08 consensus estimate, while revenue rose 5.6% year over year to $5.31 billion.
• Analysts have a consensus “Hold” rating and a $55.12 target price, compared with the stock’s reported price of $51.68. Truist also maintains a quarterly dividend of $0.52 per share, yielding about 4.0% annually.

Munich Reinsurance Co Stock Corp in Munich bought a new position in Truist Financial Corporation (NYSE:TFC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 88,643 shares of the insurance provider's stock, valued at approximately $4,416,000.

A number of other hedge funds also recently bought and sold shares of TFC. BlackRock Inc. purchased a new position in Truist Financial in the 2nd quarter worth $4,959,834,000. Pinnacle Financial Partners Inc. boosted its position in Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock valued at $7,994,000 after buying an additional 40,393 shares during the period. Fifth Third Bancorp boosted its position in Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock valued at $20,059,000 after buying an additional 367,291 shares during the period. Franklin Street Advisors Inc. NC grew its stake in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after buying an additional 20,991 shares during the last quarter. Finally, First National Bank of Omaha purchased a new position in shares of Truist Financial in the second quarter worth about $8,078,000. Institutional investors own 71.28% of the company's stock.

Insider Activity

In other Truist Financial news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial 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 completion of the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the business's stock in a transaction on 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 sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on TFC. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a report on Wednesday, July 29th. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Evercore reaffirmed an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of "Hold" and a consensus target price of $55.12.

Truist Financial Stock Up 0.1%

NYSE:TFC opened at $51.68 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50-day moving average price is $51.55 and its 200-day moving average price is $49.58. The company has a market capitalization of $63.13 billion, a PE ratio of 11.85, a P/E/G ratio of 1.08 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

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

Truist Financial Dividend Announcement

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

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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