Parnassus Investments LLC Has $81.57 Million Holdings in Truist Financial Corporation $TFC

Key Points

• Parnassus Investments LLC has reduced its stake in Truist Financial Corporation by 7.5%, now owning approximately 0.15% of the company, valued at $81.57 million.
• Truist Financial reported $0.91 earnings per share for the last quarter, missing analysts' expectations and exhibiting a 406% year-over-year revenue decline.
• The company has declared a quarterly dividend of $0.52 per share, representing an annualized yield of 4.4% and a payout ratio of 56.68%.

Parnassus Investments LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 7.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,982,313 shares of the insurance provider's stock after selling 159,680 shares during the period. Parnassus Investments LLC owned 0.15% of Truist Financial worth $81,572,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Comerica Bank grew its holdings in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after purchasing an additional 498,531 shares in the last quarter. Code Waechter LLC bought a new stake in shares of Truist Financial during the first quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in shares of Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after purchasing an additional 19,286 shares in the last quarter. Finally, Pinnacle Financial Partners Inc lifted its holdings in Truist Financial by 55.1% in the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock worth $5,530,000 after purchasing an additional 47,717 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated 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 sale, the insider owned 500 shares of the company's stock, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Truist Financial Trading Down 0.9%

Shares of TFC stock traded down $0.44 during trading hours on Tuesday, reaching $46.38. 6,897,457 shares of the stock traded hands, compared to its average volume of 8,472,737. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. 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 firm has a market capitalization of $59.81 billion, a PE ratio of 12.64, a PEG ratio of 1.75 and a beta of 0.88. The business has a fifty day moving average price of $44.57 and a 200 day moving average price of $41.71.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm's revenue was down 406.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. On average, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. TD Cowen began coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective on the stock. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average price target 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.