Nykredit A S Invests $13.76 Million in Truist Financial Corporation $TFC

Key Points

• Nykredit A/S initiated a $13.76 million position in Truist Financial during the second quarter by purchasing 276,112 shares. Institutional investors and hedge funds collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with Truist receiving a consensus “Hold” rating and an average price target of $55.12. Recent actions included UBS and Morgan Stanley lowering their targets, while Evercore maintained an “outperform” rating.
• Truist exceeded quarterly expectations, reporting $1.23 in EPS versus the $1.08 consensus and revenue of $5.31 billion, up 5.6% year over year. The company also pays a quarterly dividend of $0.52 per share, equal to a 4.3% annualized yield.

Nykredit A S bought a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 276,112 shares of the insurance provider's stock, valued at approximately $13,756,000.

Several other hedge funds also recently added to or reduced their stakes in TFC. Capital International Investors grew its stake in shares of Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock worth $5,332,835,000 after acquiring an additional 715,433 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Truist Financial in the 2nd quarter valued at approximately $4,959,834,000. Victory Capital Management Inc. boosted its stake in Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider's stock worth $1,572,968,000 after purchasing an additional 2,226,288 shares in the last quarter. Auto Owners Insurance Co boosted its stake in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock worth $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Truist Financial by 7.5% during the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock worth $518,988,000 after purchasing an additional 789,179 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, CEO Michael Lyons purchased 21,000 shares of the business's stock in a transaction that occurred on Thursday, September 17th. The stock was purchased at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the purchase, the chief executive officer directly owned 21,000 shares in the company, valued at approximately $1,015,560. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction dated 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 transaction, the insider directly owned 56,009 shares of the company's stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,516 shares of company stock valued at $1,584,428 over the last quarter. Insiders own 0.15% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on TFC shares. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. UBS Group downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Morgan Stanley reissued an "equal weight" rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Evercore restated an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. lifted their price target on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Truist Financial has a consensus rating of "Hold" and a consensus price target of $55.12.

Truist Financial Price Performance

NYSE:TFC opened at $48.52 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 company has a 50 day moving average price of $51.36 and a 200-day moving average price of $49.49. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The firm has a market cap of $59.27 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 1.01 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the business earned $0.91 earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4.61 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's dividend payout ratio is presently 47.71%.

Truist Financial Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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