Trexquant Investment LP Purchases 147,176 Shares of Truist Financial Corporation $TFC

Key Points

• Trexquant Investment LP increased its ownership in Truist Financial by 89.1%, resulting in a total of 312,405 shares worth approximately $12.9 million.
• Several other institutional investors, including Centennial Bank AR and Motco, also significantly increased their stakes in Truist Financial during the same quarter, indicating growing institutional interest.
• Truist Financial's stock was upgraded by multiple analysts, with Citigroup raising its target price from $44.00 to $55.00, reflecting positive sentiment in the market.

Trexquant Investment LP grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 89.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 312,405 shares of the insurance provider's stock after buying an additional 147,176 shares during the quarter. Trexquant Investment LP's holdings in Truist Financial were worth $12,855,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. raised its position in shares of Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. American Century Companies Inc. raised its position 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Truist Financial by 13.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after acquiring an additional 1,307,252 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Truist Financial by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after acquiring an additional 89,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Truist Financial by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock worth $330,408,000 after acquiring an additional 408,726 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Activity 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 stock was 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 in the company, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on TFC shares. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Raymond James Financial raised 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 set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Stock Performance

Shares of TFC stock traded down $0.48 on Tuesday, reaching $46.35. The stock had a trading volume of 4,436,817 shares, compared to its average volume of 8,470,757. The stock has a market cap of $59.76 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 1.75 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The company has a 50 day simple moving average of $44.57 and a 200 day simple moving average of $41.71.

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

Truist Financial Announces Dividend

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

Truist Financial Company 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.