Skandinaviska Enskilda Banken AB publ Buys 1,433,934 Shares of Truist Financial Corporation $TFC

Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 164.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,308,054 shares of the insurance provider’s stock after buying an additional 1,433,934 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Truist Financial were worth $105,490,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Truist Financial during the 2nd quarter valued at about $487,401,000. Jennison Associates LLC lifted its position in shares of Truist Financial by 203.1% in the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after buying an additional 2,625,847 shares in the last quarter. Laurel Wealth Advisors LLC boosted its stake in Truist Financial by 4,121.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after buying an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Truist Financial by 811.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after buying an additional 1,796,884 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after acquiring an additional 1,529,478 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 21,660 shares of company stock valued at $1,075,087. 0.14% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TFC shares. Raymond James Financial increased their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Piper Sandler lifted their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Evercore ISI restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lifted their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.60.

Truist Financial Stock Down 0.4%

Shares of NYSE:TFC opened at $51.86 on Tuesday. The firm has a market capitalization of $66.34 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The business has a 50 day simple moving average of $50.94 and a two-hundred day simple moving average of $47.08. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the business posted $0.91 earnings per share. Truist Financial’s revenue was up 3.6% on a year-over-year basis. On average, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

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.