Nordea Investment Management AB Has $5.67 Million Stock Holdings in Truist Financial Corporation $TFC

Nordea Investment Management AB raised its stake in Truist Financial Corporation (NYSE:TFC) by 10.7% in the 3rd quarter, HoldingsChannel reports. The firm 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Aspect Partners LLC increased its position in Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares in the last quarter. Darwin Wealth Management LLC lifted its holdings in shares of Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Princeton Global Asset Management LLC acquired a new stake in Truist Financial in the 2nd quarter valued at $30,000. Capital A Wealth Management LLC grew its position in Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Finally, Ramirez Asset Management Inc. increased its stake in Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.5%

Shares of NYSE:TFC opened at $50.01 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $51.51. The company has a market capitalization of $63.98 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The business has a fifty day moving average price of $48.29 and a two-hundred day moving average price of $46.02. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

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

Truist Financial announced that its board has initiated a share buyback program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Announces Dividend

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

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TFC. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their price objective for the company from $49.00 to $58.00 in a report on Tuesday, January 6th. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $52.80.

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.