Danica Pension Livsforsikringsaktieselskab Makes New $9.24 Million Investment in Truist Financial Corporation $TFC

Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 202,070 shares of the insurance provider’s stock, valued at approximately $9,239,000.

Several other large investors have also modified their holdings of the stock. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the third quarter worth $28,000. Capital A Wealth Management LLC boosted its position in shares of 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. Darwin Wealth Management LLC increased its stake in 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. Ancora Advisors LLC increased its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Truist Financial during the 2nd quarter worth about $36,000. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Piper Sandler upped their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Citigroup raised their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Weiss Ratings downgraded shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Insider Buying and Selling

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Up 0.2%

TFC stock opened at $44.59 on Wednesday. The firm has a market cap of $55.70 billion, a PE ratio of 11.70, a PEG ratio of 0.76 and a beta of 0.87. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The company has a fifty day simple moving average of $50.35 and a 200 day simple moving average of $47.67. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. Truist Financial’s dividend payout ratio is currently 54.59%.

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

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.