Truist Financial Co. (NYSE:TFC) Stake Decreased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 36.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 749,278 shares of the insurance provider’s stock after selling 435,015 shares during the quarter. Canada Pension Plan Investment Board owned about 0.06% of Truist Financial worth $29,109,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Capital International Investors grew its position in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Parnassus Investments LLC bought a new position in Truist Financial during the 4th quarter valued at $95,049,000. Azora Capital LP acquired a new position in shares of Truist Financial during the 4th quarter valued at $72,498,000. Jennison Associates LLC raised its stake in shares of Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after buying an additional 1,261,598 shares in the last quarter. Finally, Morningstar Investment Services LLC lifted its holdings in shares of Truist Financial by 94.5% in the fourth quarter. Morningstar Investment Services LLC now owns 1,753,129 shares of the insurance provider’s stock valued at $65,374,000 after buying an additional 851,725 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays boosted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Argus raised their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Price Performance

Shares of TFC opened at $42.32 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $56.63 billion, a PE ratio of -32.06, a PEG ratio of 1.98 and a beta of 1.06. The firm’s 50 day moving average price is $42.81 and its 200 day moving average price is $39.56. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. As a group, research analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Profile

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.