DNB Asset Management AS Has $8.36 Million Stock Position in Truist Financial Co. (NYSE:TFC)

DNB Asset Management AS boosted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 6.8% in the second quarter, HoldingsChannel reports. The fund owned 215,048 shares of the insurance provider’s stock after buying an additional 13,706 shares during the quarter. DNB Asset Management AS’s holdings in Truist Financial were worth $8,355,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Crewe Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Truist Financial in the first quarter worth $29,000. Missouri Trust & Investment Co raised its holdings in shares of Truist Financial by 227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 593 shares in the last quarter. Rise Advisors LLC acquired a new stake in Truist Financial during the first quarter valued at $32,000. Finally, Morton Brown Family Wealth LLC grew its stake in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 649 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE:TFC traded up $0.47 on Tuesday, hitting $41.65. 7,608,031 shares of the company were exchanged, compared to its average volume of 8,519,676. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The company’s 50 day moving average price is $39.37 and its two-hundred day moving average price is $38.04. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The firm has a market capitalization of $55.73 billion, a price-to-earnings ratio of -31.65, a PEG ratio of 1.97 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. Research analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Stephens boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Argus raised their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, HSBC upped their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.30.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.