Northwestern Mutual Wealth Management Co. Sells 17,012 Shares of Truist Financial Corporation $TFC

Key Points

• Northwestern Mutual Wealth Management Co. decreased its holdings in Truist Financial Corporation by 7.0%, selling 17,012 shares and holding 225,197 shares worth approximately $9.27 million.
• Other institutional investors, such as Caisse DE Depot ET Placement DU Quebec and Pinnacle Financial Partners Inc, significantly increased their stakes in Truist Financial, indicating ongoing interest in the company.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, which results in an annualized yield of 4.5% and reflects a dividend payout ratio of 56.68%.

Northwestern Mutual Wealth Management Co. cut its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 7.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 225,197 shares of the insurance provider's stock after selling 17,012 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Truist Financial were worth $9,267,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Klingman & Associates LLC boosted its position in shares of Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock valued at $484,000 after buying an additional 248 shares during the last quarter. Haverford Trust Co boosted its position in shares of Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock valued at $319,000 after buying an additional 262 shares during the last quarter. Manchester Capital Management LLC boosted its position in shares of Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after buying an additional 288 shares during the last quarter. Ballast Inc. boosted its position in shares of Truist Financial by 0.7% during the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock valued at $1,619,000 after buying an additional 290 shares during the last quarter. Finally, Integrated Advisors Network LLC boosted its position in shares of Truist Financial by 4.8% during the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock valued at $274,000 after buying an additional 291 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 TFC stock traded up $0.10 during trading hours on Monday, reaching $46.89. 9,362,994 shares of the company traded hands, compared to its average volume of 6,777,159. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $60.46 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.75 and a beta of 0.88. The firm has a 50-day moving average price of $44.57 and a 200 day moving average price of $41.71.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the business'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 value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research note on Tuesday, July 8th. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial 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.