1832 Asset Management L.P. Has $14.99 Million Stake in Truist Financial Co. (NYSE:TFC)

1832 Asset Management L.P. reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 22.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 385,915 shares of the insurance provider’s stock after selling 111,458 shares during the quarter. 1832 Asset Management L.P.’s holdings in Truist Financial were worth $14,993,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of TFC. Capital International Investors grew its holdings in Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the period. Parnassus Investments LLC acquired a new position in shares of Truist Financial in the 4th quarter valued at $95,049,000. Azora Capital LP bought a new stake in shares of Truist Financial in the 4th quarter valued at $72,498,000. Jennison Associates LLC raised its stake in Truist Financial by 48.9% during 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 during the period. Finally, Morningstar Investment Services LLC lifted its holdings in Truist Financial by 94.5% during the fourth quarter. Morningstar Investment Services LLC now owns 1,753,129 shares of the insurance provider’s stock worth $65,374,000 after acquiring an additional 851,725 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of TFC opened at $42.19 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $42.83 and its 200 day simple moving average is $39.60. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The company has a market cap of $56.45 billion, a price-to-earnings ratio of -31.96, a PEG ratio of 1.98 and a beta of 1.06.

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

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. Truist Financial’s payout ratio is -157.58%.

Insider Transactions at Truist Financial

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

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Royal Bank of Canada increased their price target on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Argus increased their target price on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $45.45.

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.