Truist Financial Corporation (NYSE:TFC) Stock Position Increased by Regal Partners Ltd

Key Points

• Regal Partners Ltd increased its stake in Truist Financial Corporation by 37.9%, now owning approximately $37.77 million worth of stock, which represents 3.8% of its total holdings.
• Truist Financial announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 4.7% and a payout ratio of 56.68%.
• The company's recent earnings report showed a missed earnings per share estimate at $0.91, compared to expectations of $0.93, with revenue showing a significant year-over-year decline.

Regal Partners Ltd increased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 37.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 917,804 shares of the insurance provider's stock after purchasing an additional 252,023 shares during the period. Truist Financial makes up 3.8% of Regal Partners Ltd's holdings, making the stock its 10th largest position. Regal Partners Ltd owned approximately 0.07% of Truist Financial worth $37,768,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors lifted its position in Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after buying an additional 18,712,246 shares in the last quarter. Northern Trust Corp lifted its position in Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after buying an additional 2,452,239 shares in the last quarter. Invesco Ltd. lifted its position in Truist Financial by 32.0% during 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Truist Financial by 13.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after buying an additional 1,307,252 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Truist Financial by 0.9% during the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after buying an additional 89,373 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Argus set a $43.00 target price on shares of Truist Financial in a report on Monday, April 21st. 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 on the stock. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Finally, Piper Sandler dropped their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has an average rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Stock Down 1.0%

Shares of NYSE TFC traded down $0.45 during mid-day trading on Friday, reaching $44.50. 6,876,737 shares of the company's stock traded hands, compared to its average volume of 8,572,996. The stock has a market cap of $57.38 billion, a P/E ratio of 12.13, a PEG ratio of 1.67 and a beta of 0.87. The business has a 50-day simple moving average of $43.24 and a 200 day simple moving average of $41.93. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year 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.

Truist Financial (NYSE:TFC - Get Free Report) last announced 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). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The business's revenue was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. On average, analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid 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 dividend yield of 4.7%. Truist Financial's dividend payout ratio is 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company's stock.

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.