Saudi Central Bank Grows Stock Holdings in Truist Financial Corporation $TFC

Saudi Central Bank increased its position in Truist Financial Corporation (NYSE:TFC) by 84.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 86,872 shares of the insurance provider’s stock after buying an additional 39,654 shares during the quarter. Saudi Central Bank’s holdings in Truist Financial were worth $4,328,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Truist Financial during the second quarter valued at approximately $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 worth $7,994,000 after buying an additional 40,393 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after acquiring an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC boosted its position in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after acquiring an additional 20,991 shares during the last quarter. Finally, First National Bank of Omaha bought a new position in shares of Truist Financial during the second quarter worth $8,078,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dontá Wilson sold 13,280 shares of the firm’s 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 $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $51.68 on Monday. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm has a market capitalization of $63.13 billion, a P/E ratio of 11.85, a price-to-earnings-growth ratio of 1.09 and a beta of 0.88. The company has a fifty day simple moving average of $51.55 and a two-hundred day simple moving average of $49.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.52 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Analysts Set New Price Targets

A number of brokerages have issued reports on TFC. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. 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 report on Monday, July 20th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Finally, Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price 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.