Assetmark Inc. Raises Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Assetmark Inc. increased its stake in Truist Financial by 15.2% in Q4 to 307,386 shares, valued at about $15.13 million.
• Company insiders sold shares recently: CFO Michael Baron Maguire sold 13,000 shares at an average $50.13 (~$651,690) and CAO Cynthia B. Powell sold 3,500 shares at $52.49, significantly reducing their holdings.
• Analysts' consensus is a Moderate Buy with a $54.41 target, while Truist missed Q4 EPS ($1.00 vs. $1.09) and revenue ($4.93B vs. $5.32B) and pays a 4.2% dividend yield ($2.08 annualized).

Assetmark Inc. increased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 15.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 307,386 shares of the insurance provider's stock after purchasing an additional 40,516 shares during the period. Assetmark Inc.'s holdings in Truist Financial were worth $15,126,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Alliance Wealth Advisors LLC lifted its holdings in Truist Financial by 1.8% during the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider's stock worth $556,000 after purchasing an additional 205 shares during the last quarter. Aspiriant LLC lifted its holdings in shares of Truist Financial by 2.3% during the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider's stock worth $478,000 after buying an additional 219 shares in the last quarter. Aprio Wealth Management LLC boosted its position in shares of Truist Financial by 2.7% in the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider's stock valued at $392,000 after acquiring an additional 226 shares during the period. Keystone Financial Group Inc. increased its position in Truist Financial by 1.1% during the fourth quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider's stock worth $1,070,000 after acquiring an additional 227 shares during the period. Finally, Maseco LLP raised its stake in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after purchasing an additional 228 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

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 company's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares of the company's stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

TFC has been the topic of several recent research reports. Citigroup raised their target price on shares of Truist Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, December 31st. Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 7th. Jefferies Financial Group assumed coverage on Truist Financial in a research report on Thursday, March 26th. They set an "underperform" rating and a $35.00 target price for the company. Morgan Stanley cut their price objective on shares of Truist Financial from $69.00 to $63.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Finally, Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price target for the company in a report on Monday, March 9th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.41.

Truist Financial Trading Down 0.3%

Shares of Truist Financial stock opened at $49.45 on Friday. The firm has a market capitalization of $61.37 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm's 50 day moving average is $48.54 and its 200 day moving average is $47.82. Truist Financial Corporation has a 1 year low of $35.00 and a 1 year high of $56.19.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's dividend payout ratio (DPR) is presently 54.59%.

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.

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