The Manufacturers Life Insurance Company Sells 77,428 Shares of Truist Financial Corporation $TFC

Key Points

• The Manufacturers Life Insurance Company cut its Truist Financial stake by 7.4%, selling 77,428 shares and retaining 975,926 shares valued at approximately $44.9 million. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The stock opened at $51.98 and was recently trading down 0.6%.
• Truist declared a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 payout and a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.67.

The Manufacturers Life Insurance Company lowered its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 7.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 975,926 shares of the insurance provider's stock after selling 77,428 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Truist Financial worth $44,863,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. purchased a new position in shares of Truist Financial in the 4th quarter worth $26,000. McMillan Office Inc. bought a new stake in shares of Truist Financial in the fourth quarter worth $31,000. Maseco LLP grew its holdings in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after acquiring an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC increased its position in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 431 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares of the company's stock, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by insiders.

Truist Financial Trading Down 0.6%

NYSE:TFC opened at $51.98 on Friday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The business has a fifty day moving average price of $50.21 and a 200-day moving average price of $49.60. The firm has a market capitalization of $64.76 billion, a price-to-earnings ratio of 11.92, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the business earned $0.91 earnings per share. Truist Financial's quarterly revenue was up 5.6% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Analysts Set New Price Targets

TFC has been the topic of a number of recent research reports. Robert W. Baird increased their target price on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Morgan Stanley restated an "equal weight" rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Jefferies Financial Group reaffirmed a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Stephens lowered their price objective on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $54.67.

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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