Saudi Central Bank Buys 39,654 Shares of Truist Financial Corporation $TFC

Saudi Central Bank increased its position in Truist Financial Corporation (NYSE:TFC) by 84.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,872 shares of the insurance provider’s stock after purchasing an additional 39,654 shares during the period. Saudi Central Bank’s holdings in Truist Financial were worth $4,328,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Truist Financial in the 2nd quarter valued at approximately $4,959,834,000. Auto Owners Insurance Co raised its stake in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Norges Bank bought a new position in shares of Truist Financial during the fourth quarter valued at $502,340,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Truist Financial during the second quarter valued at $338,855,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TFC shares. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. JPMorgan Chase & Co. raised their price target 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. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Stephens decreased their price objective on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.12.

Insider Buying and Selling at Truist Financial

In other news, CEO William Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Company insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 0.1%

TFC opened at $51.68 on Monday. The firm’s 50 day simple moving average is $51.55 and its two-hundred day simple moving average is $49.56. The company has a market capitalization of $63.13 billion, a PE ratio of 11.85, a PEG ratio of 1.09 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 EPS. As a group, equities analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s payout ratio is 47.71%.

Truist Financial 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.