Avanza Fonder AB Has $3.75 Million Stake in Truist Financial Corporation $TFC

Key Points

• Avanza Fonder AB reduced its stake in Truist Financial Corporation by 13.4%, selling 13,506 shares during the second quarter, leaving it with 87,274 shares valued at approximately $3.75 million.
• Insider Bradley D. Bender sold 12,540 shares at an average price of $45.19, significantly decreasing his ownership by 96.17%, while insiders collectively own 0.14% of the company’s stock.
• Truist Financial reported earnings per share (EPS) of $0.91 for the last quarter, missing analyst expectations, and declared a dividend of $0.52 per share, representing a 4.5% yield.

Avanza Fonder AB lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 13.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,274 shares of the insurance provider's stock after selling 13,506 shares during the period. Avanza Fonder AB's holdings in Truist Financial were worth $3,752,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TFC. First Hawaiian Bank increased its stake in Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider's stock worth $493,000 after acquiring an additional 948 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Truist Financial during the first quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after buying an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc boosted its holdings in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A lifted its holdings in shares of Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider's stock worth $20,591,000 after acquiring an additional 216,672 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of 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. Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research note on Wednesday, July 9th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Finally, Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $48.47.

Truist Financial Stock Performance

TFC traded down $0.55 on Monday, hitting $45.44. The company's stock had a trading volume of 6,339,475 shares, compared to its average volume of 8,177,447. The firm has a market cap of $58.59 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The company's 50 day simple moving average is $45.01 and its 200-day simple moving average is $41.76. 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 issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the company posted $0.91 earnings per share. The business's revenue was down 406.0% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. Truist Financial's payout ratio is 56.68%.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred 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 owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.14% of the stock is owned by company insiders.

About Truist Financial

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.