Swedbank AB Sells 22,013 Shares of Truist Financial Corporation $TFC

Key Points

• Swedbank AB reduced its stake in Truist Financial Corporation by 2.9%, owning 741,076 shares valued at approximately $30.5 million after selling 22,013 shares.
• Truist Financial Corporation recently reported earnings of $0.91 per share, missing estimates by $0.02, with revenues matching expectations at $5.04 billion.
• The company declared a quarterly dividend of $0.52, representing a 4.6% dividend yield and a payout ratio of 56.68%.

Swedbank AB cut its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 2.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 741,076 shares of the insurance provider's stock after selling 22,013 shares during the period. Swedbank AB owned about 0.06% of Truist Financial worth $30,495,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of TFC. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after purchasing an additional 6,012,817 shares during the last quarter. Invesco Ltd. boosted its position in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Truist Financial during the first quarter worth approximately $117,929,000. Assenagon Asset Management S.A. raised its stake in shares of Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after acquiring an additional 2,158,639 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Up 1.3%

Shares of NYSE:TFC traded up $0.59 during midday trading on Thursday, reaching $45.97. 2,784,632 shares of the company were exchanged, compared to its average volume of 8,411,714. The stock has a fifty day simple moving average of $45.00 and a two-hundred day simple moving average of $41.73. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market cap of $59.27 billion, a PE ratio of 12.52, a P/E/G ratio of 1.66 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion during 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%. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Insider Buying and Selling 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 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. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on TFC. Raymond James Financial upgraded 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 reaffirmed an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $48.47.

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.