Truist Financial Corporation (NYSE:TFC) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Truist Financial by 115.2%, owning a total of 557,485 shares valued at approximately $22.94 million.
• Truist Financial reported $0.91 earnings per share for the quarter, which was below the consensus estimate of $0.93, while its quarterly revenue was confirmed at $5.04 billion.
• The company announced a quarterly dividend of $0.52, providing an annual yield of 4.65%, with a payout ratio of 56.68%.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 115.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 557,485 shares of the insurance provider's stock after purchasing an additional 298,469 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Truist Financial were worth $22,941,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Navigoe LLC purchased a new stake in Truist Financial during the 4th quarter valued at about $26,000. Centennial Bank AR boosted its position in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after purchasing an additional 580 shares in the last quarter. Motco boosted its position in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares in the last quarter. Sierra Ocean LLC boosted its position in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after purchasing an additional 352 shares in the last quarter. Finally, Rossby Financial LCC purchased a new position in Truist Financial during the first quarter worth approximately $43,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

Truist Financial Trading Down 2.1%

TFC stock traded down $0.90 during midday trading on Friday, hitting $42.81. 4,050,603 shares of the company's stock were exchanged, compared to its average volume of 8,702,689. The business has a 50-day simple moving average of $42.42 and a two-hundred day simple moving average of $42.14. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $56.07 billion, a PE ratio of 11.67, a P/E/G ratio of 1.65 and a beta of 0.85. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.

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

Truist Financial Dividend Announcement

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 issued a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TFC. JPMorgan Chase & Co. lowered their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. TD Cowen assumed coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price for the company. Raymond James Financial raised 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. Finally, Barclays reduced their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.65.

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.