Korea Investment CORP Has $29.10 Million Stock Holdings in Truist Financial Corporation $TFC

Korea Investment CORP trimmed its holdings in Truist Financial Corporation (NYSE:TFC) by 17.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 584,020 shares of the insurance provider’s stock after selling 125,400 shares during the quarter. Korea Investment CORP’s holdings in Truist Financial were worth $29,096,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new stake in Truist Financial in the fourth quarter worth $26,000. N.E.W. Advisory Services LLC bought a new stake in Truist Financial in the second quarter worth $30,000. Navigoe LLC bought a new stake in Truist Financial in the second quarter worth $30,000. Finally, McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the firm’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 owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $50.48 on Friday. The company has a market capitalization of $61.67 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The company’s fifty day moving average price is $51.26 and its 200 day moving average price is $49.82.

Truist Financial (NYSE:TFC) last released its 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 during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The business’s revenue was up 5.6% on a year-over-year basis. As a group, analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

TFC has been the subject of a number of analyst reports. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Robert W. Baird raised their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Stephens reduced their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. 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, Truist Financial presently has a consensus rating of “Hold” and an average target price of $55.12.

Truist Financial 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.