Legal & General Group Plc Boosts Holdings in Truist Financial Corporation $TFC

Legal & General Group Plc lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 0.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,853,887 shares of the insurance provider’s stock after buying an additional 44,215 shares during the period. Legal & General Group Plc’s holdings in Truist Financial were worth $391,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Truist Financial during the 2nd quarter worth approximately $4,959,834,000. Pinnacle Financial Partners Inc. raised its position in Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Fifth Third Bancorp raised its position in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after purchasing an additional 367,291 shares during the period. Franklin Street Advisors Inc. NC lifted its stake in Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after purchasing an additional 20,991 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in Truist Financial by 77.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock worth $7,795,000 after purchasing an additional 68,990 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Robert W. Baird raised their target price on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. JPMorgan Chase & Co. lifted their target price on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $55.12.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Trading Down 0.8%

NYSE TFC opened at $50.40 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a market capitalization of $61.57 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.07 and a beta of 0.89. The firm has a 50 day moving average of $51.34 and a two-hundred day moving average of $49.74.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating 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 business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period last year, the business earned $0.91 EPS. The company’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts expect that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend 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.