National Pension Service Lowers Stock Holdings in Truist Financial Corporation $TFC

Key Points

• National Pension Service trimmed its Truist Financial stake by 1.1% in the fourth quarter, selling 35,570 shares and ending with 3.35 million shares worth about $164.6 million.
• Truist Financial reported better-than-expected quarterly results, posting $1.09 EPS versus the $1.00 estimate and revenue of $5.20 billion, up 5% year over year.
• The company also announced a quarterly dividend of $0.52 per share, implying a 4.3% annualized yield, while analysts currently rate the stock a Moderate Buy with an average price target of $55.59.

National Pension Service trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,345,645 shares of the insurance provider's stock after selling 35,570 shares during the quarter. National Pension Service owned approximately 0.26% of Truist Financial worth $164,639,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Brighton Jones LLC grew its position in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after acquiring an additional 14,093 shares during the last quarter. Woodline Partners LP grew its position in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock valued at $4,575,000 after acquiring an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Truist Financial during the second quarter valued at approximately $575,000. AXA S.A. grew its position in Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock valued at $1,126,000 after acquiring an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its position in Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock valued at $292,000 after acquiring an additional 1,134 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $48.12 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $59.96 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.82 and a beta of 0.92. The business has a fifty day simple moving average of $48.28 and a two-hundred day simple moving average of $48.86. Truist Financial Corporation has a 12 month low of $38.67 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.87 earnings per share. On average, equities analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.3%. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TFC. Evercore reiterated an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. Weiss Ratings upgraded shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Morgan Stanley reduced their price target on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Robert W. Baird cut shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a report on Friday, May 1st. Finally, Royal Bank Of Canada raised their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $55.59.

Truist Financial Company 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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