Carlson Capital L.P. Makes New Investment in Truist Financial Corporation $TFC

Carlson Capital L.P. purchased a new position in shares of Truist Financial Corporation (NYSE:TFC) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 44,600 shares of the insurance provider’s stock, valued at approximately $2,050,000. Truist Financial accounts for about 0.6% of Carlson Capital L.P.’s investment portfolio, making the stock its 18th biggest holding.

Several other institutional investors have also modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new stake in Truist Financial during the 4th quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in Truist Financial during the 4th quarter worth approximately $26,000. McMillan Office Inc. acquired a new stake in Truist Financial during the 4th quarter worth approximately $31,000. Maseco LLP lifted its stake in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after buying an additional 228 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after buying an additional 431 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.2%

NYSE:TFC opened at $51.91 on Friday. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average price of $50.28 and a two-hundred day moving average price of $49.62. The company has a market cap of $64.68 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued 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 company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period last year, the business earned $0.91 EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, analysts expect that Truist Financial Corporation will post 4.59 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 dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio is presently 47.71%.

Analyst Ratings Changes

TFC has been the subject of several research reports. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday. Finally, Royal Bank Of Canada increased their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $54.67.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. 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.