Pacer Advisors Inc. Reduces Stock Position in Truist Financial Corporation $TFC

Key Points

• Pacer Advisors cut its Truist Financial stake by 51% in the first quarter, selling 65,893 shares and retaining 63,288 shares valued at approximately $2.9 million. Institutional investors collectively own 71.28% of TFC.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52 per share, representing a 4.0% annualized yield.
• Analyst sentiment remains mixed, with seven Buy, nine Hold and two Sell ratings; the stock has a consensus rating of Hold and an average price target of $54.67.

Pacer Advisors Inc. trimmed its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 51.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,288 shares of the insurance provider's stock after selling 65,893 shares during the period. Pacer Advisors Inc.'s holdings in Truist Financial were worth $2,909,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Auto Owners Insurance Co raised its holdings in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock valued at $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after purchasing an additional 10,310,523 shares in the last quarter. Norges Bank bought a new position in shares of Truist Financial during the fourth quarter worth about $502,340,000. American Assets Investment Management LLC grew its stake in Truist Financial by 781.2% in the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider's stock worth $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Truist Financial by 37.6% in the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider's stock valued at $516,732,000 after buying an additional 2,867,449 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC opened at $52.57 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company's 50-day moving average price is $50.61 and its 200 day moving average price is $49.69. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The firm has a market cap of $64.22 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial's payout ratio is currently 47.71%.

Insider Activity at Truist Financial

In related news, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold 30,516 shares of company stock worth $1,584,428 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Robert W. Baird boosted their price target on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Stephens dropped their price target on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Finally, Jefferies Financial Group reaffirmed a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of "Hold" and a consensus target price of $54.67.

About Truist Financial

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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