Credit Agricole S A Purchases 216,672 Shares of Truist Financial Corporation $TFC

Key Points

• Credit Agricole S A increased its stake in Truist Financial Corporation by 76.4% in Q1, owning 500,384 shares valued at approximately $20.6 million.
• Analysts have given mixed ratings on Truist Financial, with Raymond James upgrading the stock to "outperform" with a price target of $50, while Citigroup raised its target price to $55.
• Truist Financial reported a quarterly earnings miss with an EPS of $0.91, falling short of the consensus estimate, and announced a quarterly dividend of $0.52 per share.

Credit Agricole S A increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 76.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 500,384 shares of the insurance provider's stock after buying an additional 216,672 shares during the period. Credit Agricole S A's holdings in Truist Financial were worth $20,591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TFC. Klingman & Associates LLC boosted its position in Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after purchasing an additional 248 shares during the period. Manchester Capital Management LLC boosted its position in Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after purchasing an additional 288 shares during the period. Ballast Inc. boosted its position in Truist Financial by 0.7% during the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock worth $1,619,000 after purchasing an additional 290 shares during the period. Integrated Advisors Network LLC boosted its position in Truist Financial by 4.8% during the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after purchasing an additional 291 shares during the period. Finally, McKinley Carter Wealth Services Inc. boosted its position in Truist Financial by 1.6% during the first quarter. McKinley Carter Wealth Services Inc. now owns 19,657 shares of the insurance provider's stock worth $809,000 after purchasing an additional 305 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Analyst Ratings Changes

TFC has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. 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. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a report on Thursday. 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. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Trading Up 4.1%

Shares of NYSE:TFC traded up $1.8180 during midday trading on Friday, hitting $45.8880. 6,668,983 shares of the stock were exchanged, compared to its average volume of 6,212,761. The stock has a market capitalization of $59.17 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 1.64 and a beta of 0.87. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The business's 50-day moving average price is $43.76 and its 200 day moving average price is $41.81. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month 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 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial's payout ratio is 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is 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.