The Manufacturers Life Insurance Company Decreases Holdings in Truist Financial Co. (NYSE:TFC)

The Manufacturers Life Insurance Company lowered its position in Truist Financial Co. (NYSE:TFC) by 11.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,363,081 shares of the insurance provider’s stock after selling 178,032 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.10% of Truist Financial worth $58,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Qsemble Capital Management LP bought a new stake in Truist Financial during the 3rd quarter valued at $1,208,000. Private Trust Co. NA raised its stake in shares of Truist Financial by 10.5% during the third quarter. Private Trust Co. NA now owns 17,152 shares of the insurance provider’s stock valued at $734,000 after acquiring an additional 1,631 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Truist Financial by 10.7% during the third quarter. Brown Brothers Harriman & Co. now owns 20,023 shares of the insurance provider’s stock worth $856,000 after purchasing an additional 1,940 shares during the period. Loomis Sayles & Co. L P boosted its holdings in shares of Truist Financial by 835.8% during the third quarter. Loomis Sayles & Co. L P now owns 16,947 shares of the insurance provider’s stock worth $725,000 after purchasing an additional 15,136 shares during the period. Finally, DRW Securities LLC grew its stake in shares of Truist Financial by 7.8% in the third quarter. DRW Securities LLC now owns 122,312 shares of the insurance provider’s stock worth $5,231,000 after purchasing an additional 8,863 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC opened at $47.75 on Thursday. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $49.06. The stock has a fifty day moving average price of $44.03 and a 200-day moving average price of $41.71. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a market cap of $63.39 billion, a PE ratio of -33.39, a P/E/G ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Equities research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. Truist Financial’s payout ratio is currently -145.45%.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TFC. Citigroup boosted their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday. UBS Group raised their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Stephens reissued an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. Wells Fargo & Company lifted their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $47.17.

Truist Financial 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.