Truist Financial Corporation $TFC Shares Purchased by M&T Bank Corp

Key Points

• M&T Bank Corp boosted its stake in Truist by 34.4% in Q4, buying 55,048 shares to own 215,160 shares worth about $10.59 million.
• Several large institutions also increased positions—most notably Wellington Management added ~10.31 million shares (a 13,511.7% rise)—and institutional investors now own 71.28% of Truist's stock.
• Truist beat quarterly EPS estimates ($1.09 vs. $1.00) with revenue up 5% to $5.20 billion, pays a $0.52 quarterly dividend (≈4.1% yield), and carries a consensus analyst rating of Moderate Buy with a $55.41 target.

M&T Bank Corp increased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 34.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 215,160 shares of the insurance provider's stock after acquiring an additional 55,048 shares during the quarter. M&T Bank Corp's holdings in Truist Financial were worth $10,588,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TFC. Wellington Management Group LLP raised its stake in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Jennison Associates LLC raised its stake in Truist Financial by 203.1% during the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after acquiring an additional 2,625,847 shares during the period. Azora Capital LP acquired a new stake in Truist Financial during the third quarter worth about $115,417,000. Skandinaviska Enskilda Banken AB publ raised its stake in Truist Financial by 164.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock worth $105,490,000 after acquiring an additional 1,433,934 shares during the period. Finally, AQR Capital Management LLC raised its stake in Truist Financial by 71.9% during the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock worth $136,065,000 after acquiring an additional 1,323,866 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.75 on Friday. The firm's 50 day moving average is $48.18 and its two-hundred day moving average is $48.04. Truist Financial Corporation has a 52 week low of $37.47 and a 52 week high of $56.19. The firm has a market capitalization of $62.98 billion, a P/E ratio of 12.59, a PEG ratio of 0.88 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business earned $0.87 earnings per share. Truist Financial's revenue was up 5.0% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4.51 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's dividend payout ratio (DPR) is 51.61%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TFC shares. Evercore reiterated an "outperform" rating on shares of Truist Financial in a research note on Thursday, February 5th. Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price target on the stock in a research note on Monday, March 9th. Argus raised their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, January 23rd. Barclays lowered shares of Truist Financial from an "equal weight" rating to an "underweight" rating and raised their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $58.00 price target on shares of Truist Financial in a research note on Tuesday, January 6th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $55.41.

Insider Activity at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares of the company's stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.15% of the company's stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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