Swedbank AB Raises Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Swedbank AB raised its stake in Truist by 18.1% to 839,372 shares (about 0.07% ownership), valued at roughly $41.3 million at the end of the quarter.
• Truist beat Q1 expectations with EPS of $1.09 versus the $1.00 consensus and revenue of $5.20 billion, up about 5% year-over-year.
• Dividend announced: Truist declared a $0.52 quarterly dividend (annualized $2.08) implying a ~4.2% yield, with an ex-dividend date of May 8 and payment on June 1.

Swedbank AB boosted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 18.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 839,372 shares of the insurance provider's stock after buying an additional 128,748 shares during the period. Swedbank AB owned approximately 0.07% of Truist Financial worth $41,305,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Alliance Wealth Advisors LLC raised its holdings in Truist Financial by 1.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider's stock valued at $556,000 after buying an additional 205 shares during the period. Private Trust Co. NA increased its stake in Truist Financial by 1.2% during the fourth quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider's stock worth $924,000 after purchasing an additional 215 shares during the period. Aspiriant LLC increased its stake in Truist Financial by 2.3% during the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider's stock worth $478,000 after purchasing an additional 219 shares during the period. Aprio Wealth Management LLC increased its stake in Truist Financial by 2.7% during the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider's stock worth $392,000 after purchasing an additional 226 shares during the period. Finally, Keystone Financial Group Inc. increased its stake in Truist Financial by 1.1% during the fourth quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider's stock worth $1,070,000 after purchasing an additional 227 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Down 2.1%

NYSE TFC opened at $49.74 on Friday. Truist Financial Corporation has a 52 week low of $38.27 and a 52 week high of $56.19. The firm has a 50 day moving average of $48.06 and a two-hundred day moving average of $48.48. The stock has a market capitalization of $61.97 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 0.87 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.87 EPS. As a group, research analysts expect that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial's dividend payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Evercore reiterated an "outperform" rating on shares of Truist Financial in a research note on Thursday, February 5th. Jefferies Financial Group reiterated a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Royal Bank Of Canada boosted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Piper Sandler boosted their price target on shares of Truist Financial from $50.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, January 22nd. Finally, Robert W. Baird lowered shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.59.

Truist Financial Profile

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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