Nordea Investment Management AB Sells 2,789,286 Shares of Truist Financial Co. (NYSE:TFC)

Nordea Investment Management AB reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 96.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,810 shares of the insurance provider’s stock after selling 2,789,286 shares during the quarter. Nordea Investment Management AB’s holdings in Truist Financial were worth $4,644,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of TFC. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at $26,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial during the second quarter worth about $31,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the third quarter worth about $32,000. Fortitude Family Office LLC increased its holdings in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new position in Truist Financial during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 34,180 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 2.5 %

Shares of NYSE TFC opened at $42.83 on Friday. The company has a market cap of $56.86 billion, a PE ratio of -29.95, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm’s 50 day moving average price is $45.36 and its 200-day moving average price is $43.29. Truist Financial Co. has a 52-week low of $34.23 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, equities research analysts expect that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.86%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analysts Set New Price Targets

Several research firms have recently issued reports on TFC. Barclays boosted their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. UBS Group raised their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $49.89.

Truist Financial Company 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.