Truist Financial Corporation $TFC Holdings Raised by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board increased its stake in Truist Financial Corporation by 6.5% during the first quarter, owning 291,214 shares valued at approximately $11.98 million as of its latest SEC filing.
• Truist Financial reported a quarterly EPS of $0.91, missing analyst estimates, with revenues also indicating a significant year-over-year decline of 406%.
• The company has recently announced a quarterly dividend of $0.52 per share, representing a 4.4% yield, with a payout ratio of 56.68%.

Canada Pension Plan Investment Board raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 6.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 291,214 shares of the insurance provider's stock after buying an additional 17,830 shares during the period. Canada Pension Plan Investment Board's holdings in Truist Financial were worth $11,983,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial during the first quarter worth $25,000. Centennial Bank AR raised its stake in shares of Truist Financial by 360.2% during the 1st 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 lifted its holdings in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after buying an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC increased its holdings in Truist Financial by 64.4% in the first 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. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on TFC shares. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a 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 target price on the stock. in a report on Wednesday, July 9th. Finally, Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Up 0.2%

TFC stock opened at $46.89 on Tuesday. The stock has a market capitalization of $60.46 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 1.75 and a beta of 0.88. The company has a 50-day moving average of $44.57 and a two-hundred day moving average of $41.71. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week 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.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current 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 given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. Truist Financial's payout ratio is 56.68%.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the 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 sale, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by insiders.

Truist Financial 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.

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