Freemont Management S.A. Acquires 26,700 Shares of Truist Financial Corporation (NYSE:TFC)

Key Points

• Freemont Management S.A. increased its stake in Truist Financial by 22.9% in the 1st quarter, acquiring a total of 143,500 shares, which now account for 1.9% of its portfolio.
• Truist Financial reported an earnings per share (EPS) of $0.91 for the last quarter, missing analyst expectations, and its revenue declined by 406.0% year-over-year.
• The company declared a quarterly dividend of $0.52 per share, representing an annualized yield of 4.57% and a payout ratio of 56.68%.

Freemont Management S.A. raised its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 22.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,500 shares of the insurance provider's stock after buying an additional 26,700 shares during the quarter. Truist Financial comprises about 1.9% of Freemont Management S.A.'s portfolio, making the stock its 12th biggest holding. Freemont Management S.A.'s holdings in Truist Financial were worth $5,905,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of TFC. Capital International Investors lifted its position in Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after buying an additional 18,712,246 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider's stock worth $1,210,348,000 after acquiring an additional 534,740 shares during the last quarter. Northern Trust Corp grew its position in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after acquiring an additional 2,452,239 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Truist Financial by 13.9% during the fourth 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 during the last quarter. Finally, FMR LLC grew its position in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after acquiring an additional 5,457,053 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of NYSE:TFC traded up $0.16 on Friday, hitting $45.64. The company's stock had a trading volume of 6,278,182 shares, compared to its average volume of 8,237,608. The stock's 50-day moving average is $42.08 and its two-hundred day moving average is $42.10. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a market capitalization of $59.76 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

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

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio is currently 56.68%.

Analyst Ratings Changes

Several brokerages recently weighed in on TFC. Wells Fargo & Company decreased their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Argus set a $43.00 price target on Truist Financial in a report on Monday, April 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. JPMorgan Chase & Co. reduced their target price on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.17% of the company's stock.

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.