DNB Asset Management AS Acquires 13,706 Shares of Truist Financial Co. (NYSE:TFC)

DNB Asset Management AS increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 6.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 215,048 shares of the insurance provider’s stock after acquiring an additional 13,706 shares during the period. DNB Asset Management AS’s holdings in Truist Financial were worth $8,355,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Valmark Advisers Inc. increased its holdings in Truist Financial by 2.2% during the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after purchasing an additional 277 shares during the period. Texas Yale Capital Corp. boosted its stake in Truist Financial by 2.4% in the 1st quarter. Texas Yale Capital Corp. now owns 12,118 shares of the insurance provider’s stock worth $472,000 after purchasing an additional 280 shares in the last quarter. Whalen Wealth Management Inc. grew its stake in Truist Financial by 4.8% during the 1st quarter. Whalen Wealth Management Inc. now owns 6,331 shares of the insurance provider’s stock valued at $247,000 after purchasing an additional 288 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in shares of Truist Financial by 19.3% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 1,790 shares of the insurance provider’s stock valued at $70,000 after acquiring an additional 290 shares during the last quarter. Finally, St. Johns Investment Management Company LLC raised its stake in shares of Truist Financial by 0.9% during the 4th quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock valued at $1,191,000 after buying an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group raised their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Piper Sandler lifted their price target on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Finally, Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $34.00 to $42.00 in a research report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average target price of $45.30.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.47 during midday trading on Tuesday, hitting $41.65. The company had a trading volume of 7,608,031 shares, compared to its average volume of 8,519,676. The business’s 50-day simple moving average is $39.37 and its 200-day simple moving average is $38.04. The stock has a market cap of $55.73 billion, a price-to-earnings ratio of -31.65, a price-to-earnings-growth ratio of 1.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the company earned $0.95 EPS. The company’s quarterly revenue was down 15.9% on a year-over-year basis. On average, research analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.99%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.