Truist Financial Corporation $TFC Shares Acquired by Legal & General Group Plc

Legal & General Group Plc grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,853,887 shares of the insurance provider’s stock after purchasing an additional 44,215 shares during the quarter. Legal & General Group Plc owned approximately 0.64% of Truist Financial worth $391,281,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Capital International Investors increased its holdings in Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after buying an additional 715,433 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Truist Financial during the 2nd quarter worth about $4,959,834,000. Victory Capital Management Inc. boosted its stake in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after acquiring an additional 2,226,288 shares in the last quarter. Morgan Stanley grew its position in shares of Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after acquiring an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co grew its position in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE:TFC opened at $50.40 on Wednesday. The company’s 50-day moving average price is $51.34 and its 200-day moving average price is $49.74. 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 company has a market cap of $61.57 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.07 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

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

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial’s payout ratio is currently 47.71%.

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 that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 in the last ninety days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TFC. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Stephens dropped their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Keefe, Bruyette & Woods upped their target price on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial 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 report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $55.12.

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.