Truist Financial Corporation (NYSE:TFC) Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS increased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 459,096 shares of the insurance provider's stock after acquiring an additional 5,500 shares during the period. KLP Kapitalforvaltning AS's holdings in Truist Financial were worth $18,892,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Navigoe LLC acquired a new stake in shares of Truist Financial during the 4th quarter valued at about $26,000. Centennial Bank AR boosted its holdings in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the last quarter. Sierra Ocean LLC boosted its holdings in Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares during the last quarter. Rossby Financial LCC acquired a new stake in Truist Financial in the 1st quarter worth about $43,000. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial in the 4th quarter worth about $57,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TFC. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a report on Tuesday, July 8th. TD Cowen began coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective on the stock. Stephens lowered their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average price target of $48.65.

Truist Financial Trading Up 0.3%

NYSE TFC traded up $0.16 on Friday, reaching $45.64. The stock had a trading volume of 6,278,182 shares, compared to its average volume of 8,237,608. The firm has a market capitalization of $59.76 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.70 and a beta of 0.85. 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 12-month low of $33.56 and a 12-month high of $49.06. The stock has a fifty day moving average price of $42.08 and a two-hundred day moving average price of $42.10.

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 (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 net margin of 16.82% and a return on equity of 8.69%. The firm's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's 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 completion of the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

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.