The Manufacturers Life Insurance Company Has $53.87 Million Stock Holdings in Truist Financial Corporation $TFC

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Truist Financial Corporation by 1.9%, selling 25,842 shares, and now holds 1,309,081 shares valued at approximately $53.87 million.
• Truist Financial is experiencing changes in its institutional investor landscape, with several firms significantly increasing their holdings in the company during the first quarter.
• The company's quarterly earnings showed a missed estimate with an EPS of $0.91, while its recent dividend announcement reflects a yield of 4.4% with a payout ratio of 56.68%.

The Manufacturers Life Insurance Company lessened its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,309,081 shares of the insurance provider's stock after selling 25,842 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of Truist Financial worth $53,869,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of TFC. Canada Pension Plan Investment Board raised its stake in shares of Truist Financial by 6.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 291,214 shares of the insurance provider's stock worth $11,983,000 after acquiring an additional 17,830 shares in the last quarter. Trexquant Investment LP boosted its stake in shares of Truist Financial by 89.1% in the first quarter. Trexquant Investment LP now owns 312,405 shares of the insurance provider's stock valued at $12,855,000 after purchasing an additional 147,176 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in Truist Financial during the first quarter worth approximately $512,000. Eisler Capital Management Ltd. increased its stake in shares of Truist Financial by 6,458.2% during the first quarter. Eisler Capital Management Ltd. now owns 437,500 shares of the insurance provider's stock worth $18,003,000 after acquiring an additional 430,829 shares during the period. Finally, Truvestments Capital LLC boosted its position in shares of Truist Financial by 362.7% during the 1st quarter. Truvestments Capital LLC now owns 1,388 shares of the insurance provider's stock worth $57,000 after purchasing an additional 1,088 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the 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 transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on TFC. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target 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 price target for the company. in a research report on Wednesday, July 9th. Finally, Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Price Performance

NYSE:TFC traded down $0.03 during trading hours on Wednesday, hitting $46.39. 5,456,732 shares of the company's stock traded hands, compared to its average volume of 8,470,069. The firm has a market cap of $59.82 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.75 and a beta of 0.88. The business's fifty day simple moving average is $44.67 and its two-hundred day simple moving average is $41.74. 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 Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the prior year, the firm earned $0.91 earnings per share. The business's revenue for the quarter was down 406.0% compared to the same quarter last year. On average, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial 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.