Deutsche Bank AG Invests $257.21 Million in Truist Financial Corporation $TFC

Deutsche Bank AG bought a new position in Truist Financial Corporation (NYSE:TFC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 5,162,751 shares of the insurance provider’s stock, valued at approximately $257,208,000.

Several other large investors have also recently bought and sold shares of TFC. Pinnacle Financial Partners Inc. increased its holdings in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after buying an additional 40,393 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after acquiring an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC lifted its holdings in shares of Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after acquiring an additional 20,991 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in shares of Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock worth $7,795,000 after acquiring an additional 68,990 shares during the last quarter. Finally, Concord Asset Management LLC VA grew its position in Truist Financial by 528.6% in the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock worth $3,232,000 after acquiring an additional 55,237 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $52.46 on Wednesday. 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 50-day moving average price of $51.27 and a 200-day moving average price of $49.82. The company has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.12 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.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

Analysts Set New Price Targets

A number of research analysts recently commented on TFC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Finally, Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average target price of $54.67.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction 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 sale, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by corporate 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.