88,643 Shares in Truist Financial Corporation $TFC Acquired by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 88,643 shares of the insurance provider’s stock, valued at approximately $4,416,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Truist Financial during the second quarter valued at $4,959,834,000. Pinnacle Financial Partners Inc. grew its stake in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the period. Fifth Third Bancorp raised its holdings in shares of Truist Financial by 531.8% during 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 last quarter. Franklin Street Advisors Inc. NC lifted its position 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 valued at $1,856,000 after purchasing an additional 20,991 shares during the period. Finally, First National Bank of Omaha bought a new position in Truist Financial during the second quarter valued at approximately $8,078,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other news, Director K. Boyer, Jr. sold 3,986 shares of the firm’s stock in a transaction dated 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 owned 10,270 shares of the company’s stock, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated 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. Over the last three months, insiders have sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Stephens cut their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.12.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $51.68 on Friday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The firm has a market capitalization of $63.13 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 1.08 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average of $51.55 and a 200 day moving average of $49.58.

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 the consensus estimate 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 the consensus estimate of $5.24 billion. During the same period last year, the firm earned $0.91 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Dividend Announcement

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 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.