Zions Bancorporation National Association UT Buys Shares of 165,706 Truist Financial Corporation (NYSE:TFC)

Key Points

• Zions Bancorporation has invested approximately $6.82 million in Truist Financial, acquiring 165,706 shares during the first quarter.
• Truist Financial reported earnings per share of $0.91 for the last quarter, which was below analysts' expectations by $0.02.
• Several brokerages have initiated new price targets for Truist Financial, with a consensus target price of $48.65 and a current rating of "Moderate Buy."

Zions Bancorporation National Association UT bought a new position in Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 165,706 shares of the insurance provider's stock, valued at approximately $6,819,000.

Several other institutional investors have also made changes to their positions in TFC. Davis Selected Advisers increased its stake in Truist Financial by 7.6% in the 1st quarter. Davis Selected Advisers now owns 156,431 shares of the insurance provider's stock valued at $6,437,000 after buying an additional 11,052 shares during the period. Forsta AP Fonden increased its stake in Truist Financial by 5.8% in the 1st quarter. Forsta AP Fonden now owns 305,000 shares of the insurance provider's stock valued at $12,551,000 after buying an additional 16,600 shares during the period. National Bank of Canada FI grew its position in Truist Financial by 178.0% in the first quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider's stock worth $94,228,000 after acquiring an additional 1,466,236 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Truist Financial by 12.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,324,688 shares of the insurance provider's stock worth $95,661,000 after acquiring an additional 251,044 shares in the last quarter. Finally, Y.D. More Investments Ltd grew its position in Truist Financial by 180.1% in the first quarter. Y.D. More Investments Ltd now owns 4,608 shares of the insurance provider's stock worth $190,000 after acquiring an additional 2,963 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other 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 transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.95 during mid-day trading on Tuesday, reaching $43.78. 3,966,203 shares of the stock were exchanged, compared to its average volume of 8,574,971. The company has a market cap of $56.45 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 1.61 and a beta of 0.87. 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 firm has a 50-day simple moving average of $42.93 and a 200 day simple moving average of $41.91. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the business earned $0.91 EPS. The company's revenue for the quarter was down 406.0% compared to the same quarter last year. On average, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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 given 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 4.8%. Truist Financial's payout ratio is currently 56.68%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Piper Sandler decreased their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Barclays decreased their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Stephens decreased their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

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.