Northwestern Mutual Investment Management Company LLC raised its holdings in Truist Financial Corporation (NYSE:TFC) by 34.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 69,892 shares of the insurance provider’s stock after buying an additional 17,798 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Truist Financial were worth $2,155,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Continental Advisors LLC purchased a new position in shares of Truist Financial in the fourth quarter worth about $2,663,000. Belpointe Asset Management LLC purchased a new position in Truist Financial during the fourth quarter valued at approximately $119,000. Gratus Capital LLC purchased a new position in Truist Financial during the fourth quarter valued at approximately $1,243,000. United Asset Strategies Inc. purchased a new position in Truist Financial during the fourth quarter valued at approximately $7,318,000. Finally, ACG Wealth purchased a new position in Truist Financial during the fourth quarter valued at approximately $400,000. Institutional investors own 69.95% of the company’s stock.
In other Truist Financial news, insider Ellen Koebler sold 10,000 shares of Truist Financial stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $31.97, for a total value of $319,700.00. Following the completion of the transaction, the insider now directly owns 16,859 shares in the company, valued at $538,982.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Brantley J. Standridge sold 4,800 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $31.82, for a total transaction of $152,736.00. Following the completion of the transaction, the vice president now owns 14,010 shares in the company, valued at $445,798.20. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.
TFC has been the subject of several recent research reports. Janney Montgomery Scott reduced their price target on Truist Financial from $57.00 to $37.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Argus reduced their price target on Truist Financial from $65.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $56.00 price target for the company in a research report on Tuesday, March 17th. Royal Bank of Canada reiterated a “buy” rating and set a $50.00 price target on shares of Truist Financial in a research report on Wednesday, April 8th. Finally, ValuEngine lowered Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Truist Financial has a consensus rating of “Buy” and a consensus target price of $47.13.
Shares of Truist Financial stock opened at $33.29 on Friday. Truist Financial Corporation has a one year low of $24.01 and a one year high of $56.92. The company has a market cap of $45.10 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 1.46 and a beta of 1.46. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.98 and a current ratio of 0.99. The business’s 50 day moving average price is $33.56 and its 200 day moving average price is $46.48.
Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 20th. The insurance provider reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.33. Truist Financial had a return on equity of 8.98% and a net margin of 19.60%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. The company’s revenue for the quarter was up 93.2% on a year-over-year basis. On average, analysts predict that Truist Financial Corporation will post 2.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a yield of 5.41%. Truist Financial’s dividend payout ratio is currently 41.19%.
Truist Financial Profile
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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