Point72 Europe London LLP Trims Stake in Truist Financial Corporation $TFC

Key Points

• Point72 Europe London LLP reduced its holdings in Truist Financial by 25.2% in the first quarter, now owning 436,073 shares valued at approximately $17.94 million.
• Truist Financial reported $0.91 EPS for the quarter, missing analysts' expectations by $0.02, while revenue remained stable at $5.04 billion.
• The firm announced a quarterly dividend of $0.52 to be paid on September 2nd, with a dividend yield of 4.4%.

Point72 Europe London LLP decreased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 25.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 436,073 shares of the insurance provider's stock after selling 146,796 shares during the period. Truist Financial comprises about 1.2% of Point72 Europe London LLP's holdings, making the stock its 28th largest position. Point72 Europe London LLP's holdings in Truist Financial were worth $17,944,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Invesco Ltd. boosted its position in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the last quarter. American Century Companies Inc. lifted its holdings in Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after acquiring an additional 2,158,639 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Truist Financial by 13.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after acquiring an additional 1,307,252 shares during the period. Federated Hermes Inc. lifted its holdings in Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after acquiring an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Truist Financial by 5.4% during the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock worth $330,408,000 after acquiring an additional 408,726 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company's stock.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.68 during mid-day trading on Thursday, hitting $47.09. The company had a trading volume of 5,382,140 shares, compared to its average volume of 8,451,490. The company has a market capitalization of $60.71 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 1.75 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock's 50-day moving average price is $44.77 and its 200-day moving average price is $41.78.

Truist Financial (NYSE:TFC - Get Free Report) last announced 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 company had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 earnings per share. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 4.4%. Truist Financial's payout ratio is 56.68%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TFC. TD Cowen began coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, 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 research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

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.