Nordea Investment Management AB Purchases 12,205 Shares of Truist Financial Corporation $TFC

Nordea Investment Management AB boosted its position in Truist Financial Corporation (NYSE:TFC) by 10.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,017 shares of the insurance provider’s stock after acquiring an additional 12,205 shares during the quarter. Nordea Investment Management AB’s holdings in Truist Financial were worth $5,666,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after purchasing an additional 1,529,478 shares during the last quarter. Geode Capital Management LLC boosted its stake in Truist Financial by 0.3% in the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after buying an additional 74,728 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Truist Financial by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after acquiring an additional 164,034 shares during the last quarter. Invesco Ltd. raised its stake in Truist Financial by 6.5% during the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after acquiring an additional 854,826 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Truist Financial by 6.6% in the second quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock worth $551,768,000 after acquiring an additional 793,276 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC opened at $50.01 on Friday. The company has a market capitalization of $63.98 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 0.95 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51. The stock has a fifty day simple moving average of $48.29 and a 200 day simple moving average of $46.02.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The business’s revenue was up 1.9% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its board has authorized a stock repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is currently 55.91%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TFC has been the topic of several research reports. TD Cowen lifted their price target on shares of Truist Financial from $55.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. UBS Group set a $55.00 target price on shares of Truist Financial in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Cowen restated a “buy” rating on shares of Truist Financial in a research report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $52.80.

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.