Swedbank AB Sells 31,468 Shares of Truist Financial Corporation $TFC

Key Points

• Swedbank AB reduced its Truist Financial stake by 3.7% in the first quarter, selling 31,468 shares and leaving it with 807,904 shares valued at about $37.1 million.
• Analyst sentiment is mixed to cautious, with Truist holding an average “Hold” rating and a consensus price target of $54.47 after several recent downgrades and one upgrade in target price from Bank of America.
• Truist reported solid quarterly results and pays a dividend, beating EPS and revenue estimates in its latest earnings release and paying a quarterly dividend of $0.52 per share, which works out to a 4.2% annualized yield.

Swedbank AB cut its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 807,904 shares of the insurance provider's stock after selling 31,468 shares during the quarter. Swedbank AB owned 0.07% of Truist Financial worth $37,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock valued at $5,892,453,000 after acquiring an additional 701,049 shares during the period. Capital International Investors increased its position in shares of Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock valued at $5,332,835,000 after buying an additional 715,433 shares during the period. Victory Capital Management Inc. raised its stake in Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider's stock worth $1,572,968,000 after buying an additional 2,226,288 shares in the last quarter. Morgan Stanley lifted its holdings in Truist Financial by 2.9% in the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider's stock worth $1,030,028,000 after buying an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co lifted 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 worth $697,428,000 after buying an additional 13,884,480 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. Bank of America reiterated a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday. Wall Street Zen cut Truist Financial from a "hold" rating to a "sell" rating in a research note on Monday, June 29th. Jefferies Financial Group restated a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. UBS Group cut Truist Financial from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $58.00 to $55.00 in a research note on Tuesday. Finally, Robert W. Baird downgraded Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a report on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $54.47.

Truist Financial Trading Down 3.2%

Truist Financial stock opened at $49.70 on Thursday. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a market capitalization of $61.93 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The business's fifty day simple moving average is $49.15 and its two-hundred day simple moving average is $49.41. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

Truist Financial Company 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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