Letko Brosseau & Associates Inc. Trims Holdings in Truist Financial Corporation (NYSE:TFC)

Key Points

• Letko Brosseau & Associates Inc. reduced its stake in Truist Financial by 2.6%, holding 1,647,146 shares valued at approximately $67.78 million as of the latest SEC filing.
• Truist Financial recently declared a dividend of $0.52 per share, with a yield of 4.65%, to be paid on September 2nd to investors recorded by August 8th.
• Truist Financial's latest quarterly earnings report revealed EPS of $0.91, missing analysts' expectations by $0.02, with quarterly revenue down 406% year-over-year.

Letko Brosseau & Associates Inc. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,647,146 shares of the insurance provider's stock after selling 44,615 shares during the quarter. Truist Financial comprises approximately 1.4% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 27th biggest holding. Letko Brosseau & Associates Inc. owned approximately 0.13% of Truist Financial worth $67,780,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Capital International Investors raised its holdings in Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after purchasing an additional 6,012,817 shares during the period. FMR LLC increased its holdings in shares of Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the period. Northern Trust Corp increased its holdings in shares of Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after purchasing an additional 2,287,410 shares during the period. Institutional investors own 71.28% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Argus set a $43.00 price target on shares of Truist Financial in a report on Monday, April 21st. Piper Sandler decreased their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a report on Wednesday, July 9th. Finally, TD Cowen assumed coverage on shares of Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial 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 of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of Truist Financial stock traded down $0.75 during trading hours on Friday, reaching $42.96. The company's stock had a trading volume of 8,454,705 shares, compared to its average volume of 7,957,169. The firm has a 50 day moving average price of $42.42 and a 200-day moving average price of $42.14. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $56.26 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.63 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company 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%. Truist Financial's quarterly revenue was down 406.0% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm 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 dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's dividend payout ratio (DPR) 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.