Mn Services Vermogensbeheer B.V. Acquires 13,775 Shares of Truist Financial Corporation $TFC

Mn Services Vermogensbeheer B.V. grew its stake in shares of Truist Financial Corporation (NYSE:TFC) by 2.8% in the fourth quarter, Holdings Channel reports. The firm owned 508,175 shares of the insurance provider’s stock after acquiring an additional 13,775 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Truist Financial were worth $25,007,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TFC. Capital International Investors increased its stake in Truist Financial by 0.3% in the 3rd quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock worth $4,921,717,000 after buying an additional 346,423 shares during the period. Invesco Ltd. lifted its holdings in Truist Financial by 6.5% during the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after buying an additional 854,826 shares in the last quarter. Federated Hermes Inc. boosted its position in Truist Financial by 8.4% in the 3rd quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider’s stock valued at $477,575,000 after buying an additional 813,177 shares during the period. Wellington Management Group LLP grew its stake in Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Truist Financial by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider’s stock worth $388,300,000 after acquiring an additional 168,464 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several research analyst reports. Weiss Ratings downgraded shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Morgan Stanley reduced their price objective on Truist Financial from $69.00 to $63.00 and set an “overweight” rating on the stock in a report on Tuesday. Citigroup lifted their target price on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.75.

Truist Financial Trading Up 2.8%

NYSE:TFC opened at $45.90 on Wednesday. The firm has a 50-day simple moving average of $49.27 and a 200-day simple moving average of $47.58. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The firm has a market cap of $56.96 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.76 and a beta of 0.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.91 earnings per share. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Truist Financial declared that its Board of Directors has approved a share buyback program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by company insiders.

Truist Financial Company Profile

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.