103,928 Shares in Truist Financial Corporation $TFC Acquired by iSAM Funds UK Ltd

Key Points

• iSAM Funds UK Ltd acquired a new stake of 103,928 shares of Truist Financial (TFC) in Q3, valued at about $4.75 million, making TFC 1.0% of its portfolio and its 7th largest holding.
• Several large institutions also ramped up positions—most notably Wellington Management now owns ~10.39 million shares (~$475M) and Norges Bank opened a ~<$487.4M> stake—leaving 71.28% of TFC held by institutional investors.
• Truist authorized a $10.0 billion share buyback (up to ~15.7% of shares) and pays a quarterly dividend of $0.52 (annual yield ~4.7%), while analysts have a consensus rating of “Moderate Buy” with a $56.47 price target.

iSAM Funds UK Ltd acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 103,928 shares of the insurance provider's stock, valued at approximately $4,752,000. Truist Financial makes up 1.0% of iSAM Funds UK Ltd's investment portfolio, making the stock its 7th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. Norges Bank acquired a new stake in shares of Truist Financial in the 2nd quarter valued at $487,401,000. Wellington Management Group LLP increased its stake in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after buying an additional 2,625,847 shares in the last quarter. Laurel Wealth Advisors LLC raised its holdings in shares of Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider's stock worth $100,424,000 after buying an additional 2,280,653 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Truist Financial by 811.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider's stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on TFC. JPMorgan Chase & Co. raised their price objective on Truist Financial from $51.50 to $57.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. Piper Sandler boosted their target price on Truist Financial from $50.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, January 22nd. TD Cowen increased their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Barclays downgraded shares of Truist Financial from an "equal weight" rating to an "underweight" rating and raised their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price target on the stock in a report on Monday, March 9th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus price target of $56.47.

Insider Buying and Selling

In related news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the business'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 transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

Truist Financial Trading Down 1.3%

Shares of TFC stock opened at $43.82 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The stock's fifty day simple moving average is $50.60 and its 200 day simple moving average is $47.69. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $54.73 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.75 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) 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 net margin of 17.09% and a return on equity of 9.03%. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the business posted $0.91 earnings per share. Truist Financial's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Friday, February 13th. Truist Financial's dividend payout ratio (DPR) is 54.59%.

Truist Financial announced that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Truist Financial Company 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.

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