Handelsbanken Fonder AB Buys 25,008 Shares of Truist Financial Corporation $TFC

Handelsbanken Fonder AB boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 7.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 347,578 shares of the insurance provider’s stock after purchasing an additional 25,008 shares during the quarter. Handelsbanken Fonder AB’s holdings in Truist Financial were worth $17,316,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TFC. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial in the 4th quarter worth about $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial during the 4th quarter worth about $26,000. McMillan Office Inc. bought a new position in Truist Financial during the 4th quarter valued at about $31,000. Mowery & Schoenfeld Wealth Management LLC lifted its holdings in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC boosted its position in Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent analyst reports. Evercore reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Robert W. Baird increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. raised their price target on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.67.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,516 shares of company stock worth $1,584,428 in the last quarter. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 0.7%

Shares of NYSE:TFC opened at $52.67 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $64.34 billion, a P/E ratio of 12.08, a P/E/G ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company’s 50-day moving average price is $50.98 and its two-hundred day moving average price is $49.75.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The company’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.