Quantbot Technologies LP Buys Shares of 108,051 Truist Financial Corporation $TFC

Quantbot Technologies LP purchased a new position in Truist Financial Corporation (NYSE:TFC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 108,051 shares of the insurance provider’s stock, valued at approximately $5,383,000.

A number of other institutional investors have also recently made changes to their positions in TFC. Vanguard Group Inc. lifted its holdings in shares of Truist Financial by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares during the last quarter. Capital International Investors grew its position in Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after acquiring an additional 715,433 shares in the last quarter. BlackRock Inc. bought a new position in Truist Financial in the second quarter valued at $4,959,834,000. Victory Capital Management Inc. increased its stake in 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 valued at $1,572,968,000 after acquiring an additional 2,226,288 shares during the last quarter. Finally, Morgan Stanley raised its position in Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after purchasing an additional 597,255 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TFC shares. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $55.12.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.48 on Friday. The stock has a market cap of $61.67 billion, a PE ratio of 11.58, a PEG ratio of 1.06 and a beta of 0.89. The company’s fifty day moving average is $51.26 and its 200 day moving average is $49.82. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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

Insider Activity

In related news, insider Donta L. Wilson sold 13,280 shares of the 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 sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

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.