Prudential PLC Decreases Stake in Truist Financial Corporation $TFC

Key Points

• Prudential PLC has reduced its stake in Truist Financial Corporation by 19.5%, selling 11,324 shares to hold a total of 46,752 shares, valued at $1,924,000.
• Several institutional investors have increased their investments in Truist Financial, with significant percentage increases from Centennial Bank AR (360.2%) and Motco (435.6%) during the first quarter.
• Truist Financial's recent earnings report showed earnings per share of $0.91, falling short of analysts' expectations of $0.93, alongside a declaration of a quarterly dividend of $0.52 payable on September 2nd.

Prudential PLC cut its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 19.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,752 shares of the insurance provider's stock after selling 11,324 shares during the quarter. Prudential PLC's holdings in Truist Financial were worth $1,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Capital International Investors grew its position in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Victory Capital Management Inc. raised its stake in Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after acquiring an additional 6,012,817 shares during the period. Invesco Ltd. boosted its holdings in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after buying an additional 3,188,999 shares during the period. Nuveen LLC bought a new position in shares of Truist Financial during the 1st quarter valued at about $117,929,000. Finally, Northern Trust Corp increased its holdings in shares of Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Barclays cut their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. TD Cowen started coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 price objective for the company. Finally, Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.65.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Shares of TFC stock traded down $0.0950 during mid-day trading on Tuesday, reaching $44.2350. The stock had a trading volume of 2,018,499 shares, compared to its average volume of 8,508,348. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market cap of $57.04 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.66 and a beta of 0.87. The business's fifty day moving average is $43.39 and its 200-day moving average is $41.81.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be paid a dividend of $0.52 per share. 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 4.7%. Truist Financial's payout ratio is 56.68%.

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.