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

Nordea Investment Management AB trimmed its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 96.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,810 shares of the insurance provider's stock after selling 2,789,286 shares during the period. Nordea Investment Management AB's holdings in Truist Financial were worth $4,644,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the 3rd quarter worth approximately $26,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the second quarter worth approximately $31,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial during the 3rd quarter worth $32,000. Fortitude Family Office LLC grew its position in shares of 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 acquiring an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Truist Financial in the 3rd quarter worth $45,000. Institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent research reports. Stephens reissued an "overweight" rating and set a $54.00 price target on shares of Truist Financial in a report on Thursday, January 2nd. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 16th. Compass Point upped their price target on shares of Truist Financial from $47.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Finally, HSBC raised Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.89.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company's stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares of the company's stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial 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 $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company's stock.

Truist Financial Trading Down 2.5 %

Shares of NYSE:TFC traded down $1.12 during trading on Friday, hitting $42.83. The company had a trading volume of 8,002,231 shares, compared to its average volume of 6,209,354. The stock has a market cap of $56.86 billion, a price-to-earnings ratio of -29.95, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The company has a fifty day simple moving average of $45.36 and a two-hundred day simple moving average of $43.34. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

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

About Truist Financial

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.