NFJ Investment Group LLC Cuts Holdings in Truist Financial Corporation $TFC

Key Points

• NFJ Investment Group LLC reduced its stake in Truist Financial Corporation by 8.6%, now holding approximately 1.16 million shares worth about $47.69 million.
• Research firms have mixed ratings on Truist Financial, with a consensus rating of "Moderate Buy" and an average price target of $48.47.
• Truist Financial recently announced a $0.52 quarterly dividend, equating to an annual yield of 4.4%, with a dividend payout ratio of 56.68%.

NFJ Investment Group LLC cut its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 8.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,158,980 shares of the insurance provider's stock after selling 108,384 shares during the quarter. Truist Financial comprises 1.6% of NFJ Investment Group LLC's investment portfolio, making the stock its 11th biggest position. NFJ Investment Group LLC owned about 0.09% of Truist Financial worth $47,692,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $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 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares during the period. Nuveen LLC purchased a new position in shares of Truist Financial during the 1st quarter worth $117,929,000. Assenagon Asset Management S.A. boosted its position in shares of Truist Financial by 610.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after purchasing an additional 2,158,639 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective for the company. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Trading Down 0.4%

NYSE:TFC traded down $0.19 during trading hours on Wednesday, reaching $45.10. 4,976,186 shares of the stock were exchanged, compared to its average volume of 8,438,372. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The business has a 50-day moving average of $45.02 and a two-hundred day moving average of $41.72. The company has a market capitalization of $58.16 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.72 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The company's quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio is currently 56.68%.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company's stock.

Truist Financial Company Profile

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.