NFJ Investment Group LLC Decreases Stake in Truist Financial Corporation $TFC

NFJ Investment Group LLC lowered its stake in Truist Financial Corporation (NYSE:TFC) by 8.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,158,980 shares of the insurance provider’s stock after selling 108,384 shares during the period. Truist Financial makes up 1.6% of NFJ Investment Group LLC’s investment portfolio, making the stock its 11th largest position. NFJ Investment Group LLC’s holdings in Truist Financial were worth $47,692,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial in the first quarter worth $25,000. Centennial Bank AR grew its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 580 shares during the period. Motco grew its position in Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. grew its position in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its position in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 352 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.5%

Truist Financial stock opened at $47.09 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $60.71 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.73 and a beta of 0.88. The business has a 50 day simple moving average of $44.86 and a 200-day simple moving average of $41.78. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid 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 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. TD Cowen assumed coverage on Truist Financial in a research report on Thursday, May 15th. They set a “hold” rating and a $44.00 price target on the stock. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $48.47.

Truist Financial Company 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.