The Manufacturers Life Insurance Company Cuts Stock Position in Truist Financial Corporation $TFC

The Manufacturers Life Insurance Company trimmed its position in Truist Financial Corporation (NYSE:TFC) by 15.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 821,023 shares of the insurance provider’s stock after selling 154,903 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Truist Financial worth $40,903,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Truist Financial during the 2nd quarter valued at about $4,959,834,000. Pinnacle Financial Partners Inc. lifted its holdings 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 valued at $7,994,000 after purchasing an additional 40,393 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of 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 in the last quarter. Franklin Street Advisors Inc. NC grew its position in shares of Truist Financial by 129.1% in 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 last quarter. Finally, Axxcess Wealth Management LLC grew its position in shares of Truist Financial by 77.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock valued at $7,795,000 after purchasing an additional 68,990 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on TFC shares. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Robert W. Baird boosted their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $55.12.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the 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 transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock worth $1,584,428 over the last quarter. 0.15% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Shares of TFC opened at $50.66 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $61.89 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.06 and a beta of 0.89. The company’s 50 day simple moving average is $51.38 and its 200 day simple moving average is $49.71. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 earnings per share. On average, sell-side analysts predict that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) 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.