AMF Tjanstepension AB Purchases 476,997 Shares of Truist Financial Co. (NYSE:TFC)

AMF Tjanstepension AB raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 166.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 763,079 shares of the insurance provider’s stock after acquiring an additional 476,997 shares during the period. AMF Tjanstepension AB owned about 0.06% of Truist Financial worth $23,182,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. EPG Wealth Management LLC grew its holdings in Truist Financial by 1.8% during the 4th quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock valued at $526,000 after buying an additional 213 shares in the last quarter. Heritage Trust Co increased its stake in shares of Truist Financial by 0.6% during the fourth quarter. Heritage Trust Co now owns 42,491 shares of the insurance provider’s stock valued at $1,828,000 after buying an additional 238 shares during the period. Waddell & Associates LLC grew its stake in Truist Financial by 0.5% in the fourth quarter. Waddell & Associates LLC now owns 49,038 shares of the insurance provider’s stock worth $2,110,000 after purchasing an additional 253 shares during the period. Samalin Investment Counsel LLC increased its holdings in shares of Truist Financial by 5.1% during the fourth quarter. Samalin Investment Counsel LLC now owns 5,333 shares of the insurance provider’s stock valued at $229,000 after acquiring an additional 259 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. boosted its position in Truist Financial by 5.8% in the first quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 268 shares during the last quarter. 71.11% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.78 during mid-day trading on Thursday, reaching $29.40. 1,325,775 shares of the company were exchanged, compared to its average volume of 12,034,752. The company’s 50-day simple moving average is $31.27 and its 200-day simple moving average is $32.28. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $39.16 billion, a P/E ratio of 6.63, a P/E/G ratio of 1.73 and a beta of 1.05. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $53.34.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. During the same quarter in the prior year, the business posted $1.20 EPS. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, research analysts predict that Truist Financial Co. will post 3.79 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 7.07%. The ex-dividend date was Thursday, August 10th. Truist Financial’s dividend payout ratio (DPR) is 48.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TFC shares. Jefferies Financial Group cut Truist Financial from a “buy” rating to a “hold” rating and dropped their price objective for the company from $37.00 to $32.00 in a report on Tuesday, July 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of Truist Financial in a report on Tuesday. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price target for the company. in a report on Friday, June 16th. Piper Sandler increased their price objective on shares of Truist Financial from $35.00 to $36.00 in a research note on Friday, July 21st. Finally, Morgan Stanley lowered their price objective on shares of Truist Financial from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Friday, July 21st. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $40.04.

Truist Financial Profile

Truist Financial Corporation, a holding 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.