The Manufacturers Life Insurance Company Cuts Stock Holdings in Truist Financial Corporation $TFC

The Manufacturers Life Insurance Company lessened its stake in Truist Financial Corporation (NYSE:TFC) by 15.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 821,023 shares of the insurance provider’s stock after selling 154,903 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Truist Financial were worth $40,903,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in TFC. 3Chopt Investment Partners LLC raised its position in shares of Truist Financial by 1.3% in the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after buying an additional 193 shares during the period. IFP Advisors Inc grew its position in Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares during the period. PCB Capital LLC grew its position in Truist Financial by 3.0% during the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after acquiring an additional 198 shares during the period. AlphaCore Capital LLC increased its stake in Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after acquiring an additional 199 shares during the last quarter. Finally, CYBER HORNET ETFs LLC increased its stake in Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 199 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TFC. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $55.12.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $50.66 on Thursday. The business’s 50-day simple moving average is $51.38 and its 200 day simple moving average is $49.71. The company has a market cap of $61.89 billion, a P/E ratio of 11.62, a PEG ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly 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 return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the prior year, the business earned $0.91 EPS. Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is presently 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.