OMERS ADMINISTRATION Corp Sells 41,301 Shares of Truist Financial Corporation $TFC

OMERS ADMINISTRATION Corp cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 37.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,869 shares of the insurance provider’s stock after selling 41,301 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Truist Financial were worth $3,431,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Capital International Investors raised its position in Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares during the period. BlackRock Inc. bought a new position in shares of Truist Financial during the second quarter valued at about $4,959,834,000. Victory Capital Management Inc. increased its holdings in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Morgan Stanley lifted its stake in shares of Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after acquiring an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co boosted its holdings in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TFC. Keefe, Bruyette & Woods boosted 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. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Robert W. Baird upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their target price on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $55.12.

Insider Activity at Truist Financial

In related 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 value of $693,770.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was 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 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Trading Down 0.8%

NYSE:TFC opened at $50.40 on Wednesday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. 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 company’s 50-day simple moving average is $51.34 and its 200 day simple moving average is $49.74. The firm has a market capitalization of $61.57 billion, a P/E ratio of 11.56, a PEG ratio of 1.07 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the firm earned $0.91 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business 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 dividend of $0.52 per share. 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 (DPR) is 47.71%.

About Truist Financial

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.