Truist Financial Corporation $TFC Stock Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management reduced its Truist Financial stake by 12.9% in the third quarter, selling 28,130 shares and retaining 190,046 shares valued at approximately $8.8 million.
• Truist reported quarterly EPS of $1.16, slightly below the $1.17 consensus estimate, while revenue rose 1.3% year over year to $5.30 billion. The company maintains a quarterly dividend of $0.52 per share, representing a 4.4% annualized yield.
• Analyst sentiment remains mixed, with seven Buy, nine Hold, and two Sell ratings, producing an overall “Hold” consensus and an average price target of $53.87 versus the stock’s opening price of $47.73.

Sumitomo Mitsui DS Asset Management Company Ltd lessened its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 12.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 190,046 shares of the insurance provider's stock after selling 28,130 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Truist Financial were worth $8,799,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TFC. BlackRock Inc. purchased a new position in Truist Financial in the 2nd quarter worth approximately $4,959,834,000. Bank of New York Mellon Corp bought a new position in Truist Financial in the 2nd quarter valued at approximately $338,855,000. Deutsche Bank AG bought a new position in Truist Financial in the 2nd quarter valued at approximately $257,208,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Truist Financial during the 2nd quarter valued at $151,526,000. Finally, SEB Asset Management AB purchased a new stake in Truist Financial during the 1st quarter valued at $124,144,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other news, CEO Michael P. Lyons acquired 21,000 shares of the business's stock in a transaction that occurred on Thursday, September 17th. The stock was bought at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the completion of the acquisition, the chief executive officer directly owned 21,000 shares of the company's stock, valued at approximately $1,015,560. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dontá Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company's stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by corporate insiders.

Truist Financial Stock Up 0.8%

Shares of Truist Financial stock opened at $47.73 on Thursday. The company has a market cap of $58.31 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92. The company's 50 day moving average is $48.86 and its 200 day moving average is $49.66. Truist Financial Corporation has a twelve month low of $43.13 and a twelve month high of $56.19. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company had revenue of $5.30 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the business posted $1.04 EPS. The company's revenue for the quarter was up 1.3% compared to the same quarter last year. Research analysts anticipate that Truist Financial Corporation will post 4.65 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's dividend payout ratio is presently 53.61%.

Wall Street Analyst Weigh In

A number of research firms have commented on TFC. Stephens reduced their target price on Truist Financial from $55.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday. Morgan Stanley restated an "equal weight" rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Raymond James Financial reaffirmed a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. UBS Group dropped their price objective on Truist Financial from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, October 5th. Finally, Bank of America reiterated a "neutral" rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $53.87.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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