The Manufacturers Life Insurance Company Sells 154,903 Shares of Truist Financial Corporation $TFC

The Manufacturers Life Insurance Company trimmed its position in Truist Financial Corporation (NYSE:TFC) by 15.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 821,023 shares of the insurance provider’s stock after selling 154,903 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Truist Financial were worth $40,903,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. 3Chopt Investment Partners LLC boosted its position in shares of Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after purchasing an additional 193 shares during the period. IFP Advisors Inc raised its position in shares of Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 194 shares during the period. PCB Capital LLC raised its position in shares of Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC lifted its stake in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after buying an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC boosted its holdings in Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after buying an additional 199 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.2%

Shares of TFC opened at $50.43 on Friday. 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 stock has a market capitalization of $61.61 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The business’s 50 day simple moving average is $51.55 and its 200-day simple moving average is $49.52.

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, beating 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 period last year, the firm posted $0.91 earnings per share. Truist Financial’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dontá Wilson sold 13,280 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,516 shares of company stock worth $1,584,428 over the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TFC shares. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. Stephens dropped their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Bank of America reiterated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods lifted their target price on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $55.12.

Truist Financial Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.