Canada Pension Plan Investment Board Increases Stake in Truist Financial Corporation $TFC

Canada Pension Plan Investment Board grew its stake in shares of Truist Financial Corporation (NYSE:TFC) by 190.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,134,330 shares of the insurance provider’s stock after buying an additional 744,226 shares during the period. Canada Pension Plan Investment Board’s holdings in Truist Financial were worth $56,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Kemnay Advisory Services Inc. purchased a new position in Truist Financial during the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial in the 4th quarter worth $26,000. N.E.W. Advisory Services LLC bought a new position in shares of Truist Financial during the 2nd quarter valued at about $30,000. Navigoe LLC bought a new position in shares of Truist Financial during the 2nd quarter valued at about $30,000. Finally, McMillan Office Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were 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 of the company’s stock, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the business’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 transaction, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last 90 days. Insiders own 0.15% of the company’s stock.

Truist Financial Trading Down 0.7%

Shares of TFC opened at $50.30 on Friday. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a market cap of $61.44 billion, a P/E ratio of 11.54, a P/E/G ratio of 1.06 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The company’s fifty day simple moving average is $51.42 and its 200-day simple moving average is $49.67.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last 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 EPS for the current year.

Truist Financial Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on TFC shares. Robert W. Baird raised their price target on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Evercore reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Stephens cut their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.