Truist Financial Corporation $TFC Shares Sold by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp reduced its stake in Truist Financial Corporation by 14.4%, selling 8,005 shares and bringing its total ownership to 47,639 shares valued at approximately $1.96 million.
• Multiple institutional investors, including Invesco Ltd. and American Century Companies Inc., increased their holdings in Truist Financial during the same quarter, reflecting a strong interest in the company among institutions.
• Truist Financial recently declared a quarterly dividend of $0.52, representing an annualized dividend of $2.08 and a yield of 4.4% with a payout ratio of 56.68%.

OMERS ADMINISTRATION Corp cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 14.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,639 shares of the insurance provider's stock after selling 8,005 shares during the period. OMERS ADMINISTRATION Corp's holdings in Truist Financial were worth $1,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Preservation Advisors LLC bought a new position in shares of Truist Financial during the first quarter worth $25,000. Centennial Bank AR boosted its position in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after acquiring an additional 580 shares during the last quarter. Motco boosted its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after acquiring an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC boosted its position in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after acquiring an additional 352 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, TD Cowen initiated coverage on shares of Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. 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 company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Price Performance

Shares of TFC stock traded up $0.50 during mid-day trading on Thursday, hitting $46.91. 2,356,718 shares of the stock were exchanged, compared to its average volume of 8,432,795. The company has a market cap of $60.49 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.75 and a beta of 0.88. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The firm has a fifty day moving average of $44.77 and a 200 day moving average of $41.78. 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 results 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). The company had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company's quarterly revenue was down 406.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 earnings per share. Research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm's 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 transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

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.