Truist Financial Corporation $TFC Shares Sold by Caisse de depot et placement du Quebec

Caisse de depot et placement du Quebec cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 32.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 298,326 shares of the insurance provider’s stock after selling 140,424 shares during the period. Caisse de depot et placement du Quebec’s holdings in Truist Financial were worth $14,863,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth about $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $26,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Truist Financial in the second quarter valued at approximately $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $30,000. Finally, McMillan Office Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at approximately $31,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Stephens lowered their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 21st. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $55.12.

Truist Financial Price Performance

TFC stock opened at $50.46 on Friday. 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 has a market capitalization of $61.64 billion, a PE ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The business’s fifty day moving average price is $51.47 and its 200 day moving average price is $49.68.

Truist Financial (NYSE:TFC) last posted 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 return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the prior year, the company earned $0.91 EPS. Truist Financial’s revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

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

Insider Activity

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction that occurred on 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by company insiders.

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.