Truist Financial Corporation $TFC Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its position in Truist by 6.3% (sold 25,510 shares), leaving 382,105 shares valued at about $18.8 million.
• Truist beat expectations with quarterly EPS of $1.09 versus $1.00 and revenue of $5.20 billion (up 5% year-over-year); the company has a market cap of ~$63.6 billion and the stock recently traded near $51.
• Institutional investors hold 71.28% of Truist, and analysts’ consensus is a Moderate Buy with an average price target of $55.41.

Comerica Bank reduced its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382,105 shares of the insurance provider's stock after selling 25,510 shares during the period. Comerica Bank's holdings in Truist Financial were worth $18,803,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock valued at $5,892,453,000 after purchasing an additional 701,049 shares in the last quarter. Capital International Investors raised its holdings in shares of Truist Financial by 0.3% during the 3rd quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider's stock valued at $4,921,717,000 after buying an additional 346,423 shares during the period. Federated Hermes Inc. raised its holdings in shares of Truist Financial by 8.4% during the 3rd quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider's stock valued at $477,575,000 after buying an additional 813,177 shares during the period. Wellington Management Group LLP raised its holdings in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after buying an additional 10,310,523 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Truist Financial by 2.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider's stock valued at $388,300,000 after buying an additional 168,464 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 1.1%

TFC stock opened at $51.26 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a 50 day simple moving average of $48.16 and a 200-day simple moving average of $48.14. The company has a market capitalization of $63.62 billion, a P/E ratio of 12.72, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $37.51 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm's revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. On average, equities research analysts predict that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was 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 approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.15% of the company's stock.

Analyst Ratings Changes

TFC has been the topic of several analyst reports. TD Cowen raised their target price on Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. Evercore reiterated an "outperform" rating on shares of Truist Financial in a report on Thursday, February 5th. Piper Sandler raised their target price on Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a report on Thursday, January 22nd. Morgan Stanley dropped their target price on Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Finally, Raymond James Financial raised their target price on Truist Financial from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, January 7th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.41.

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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