Swedbank AB Has $30.87 Million Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Swedbank AB has reduced its stake in Truist Financial Corporation ($TFC) by 3.1%, holding a total of 718,013 shares valued at approximately $30.87 million.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial stock, marking a 96.17% decrease in his holdings after the sale.
• Truist Financial has announced a quarterly dividend of $0.52 per share, yielding 4.5% annually, reflecting a dividend payout ratio of 56.68%.

Swedbank AB trimmed its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 718,013 shares of the insurance provider's stock after selling 23,063 shares during the quarter. Swedbank AB owned approximately 0.05% of Truist Financial worth $30,867,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Truist Financial by 2.5% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 200,385 shares of the insurance provider's stock valued at $8,615,000 after acquiring an additional 4,910 shares in the last quarter. KMG Fiduciary Partners LLC boosted its position in shares of Truist Financial by 5.1% in the second quarter. KMG Fiduciary Partners LLC now owns 50,055 shares of the insurance provider's stock worth $2,152,000 after buying an additional 2,416 shares during the period. Focus Financial Network Inc. acquired a new stake in Truist Financial during the second quarter valued at $248,000. Sivia Capital Partners LLC bought a new position in Truist Financial during the second quarter valued at about $575,000. Finally, Sunpointe LLC raised its holdings in Truist Financial by 109.1% during the second quarter. Sunpointe LLC now owns 12,737 shares of the insurance provider's stock valued at $548,000 after buying an additional 6,646 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the topic of a number of recent analyst reports. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods downgraded 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. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.47.

Insider Buying and Selling

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 transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company's stock.

Truist Financial Stock Performance

TFC stock traded down $0.11 during midday trading on Friday, reaching $45.97. 19,223,350 shares of the company's stock traded hands, compared to its average volume of 7,549,722. The stock has a market cap of $59.28 billion, a P/E ratio of 12.53, a PEG ratio of 1.72 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 stock's 50-day moving average is $45.02 and its 200 day moving average is $41.74. 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 (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). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. As a group, analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is 56.68%.

About Truist Financial

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.