BCS Wealth Management Buys 21,939 Shares of Truist Financial Corporation $TFC

Key Points

• BCS Wealth Management boosted its stake in Truist by 84%, buying 21,939 shares to own 48,048 shares worth about $2.36 million at the end of the quarter.
• Truist's board authorized a $10.0 billion share repurchase program (about 15.7% of shares) and the company pays a $0.52 quarterly dividend, implying a roughly 4.2% yield.
• Truist missed Q4 estimates—EPS $1.00 vs. $1.09 expected and revenue $4.93B vs. $5.32B—but analysts collectively rate the stock a "Moderate Buy" with an average price target of $54.41.

BCS Wealth Management boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 84.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,048 shares of the insurance provider's stock after purchasing an additional 21,939 shares during the quarter. BCS Wealth Management's holdings in Truist Financial were worth $2,364,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Alliance Wealth Advisors LLC boosted its position in shares of Truist Financial by 1.8% in the fourth quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider's stock valued at $556,000 after acquiring an additional 205 shares during the period. Aspiriant LLC boosted its position in shares of Truist Financial by 2.3% in the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider's stock valued at $478,000 after acquiring an additional 219 shares during the period. 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. boosted its position in shares of Truist Financial by 1.1% in the fourth quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider's stock valued at $1,070,000 after acquiring an additional 227 shares during the period. Finally, Maseco LLP boosted its position in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 228 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $49.54 on Wednesday. The business has a fifty day simple moving average of $48.76 and a 200 day simple moving average of $47.79. 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 has a market capitalization of $61.48 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a one year low of $35.00 and a one year high of $56.19.

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

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

Truist Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, CAO Cynthia B. Powell sold 3,500 shares of the company's stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction 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 transaction, the chief financial officer owned 74,323 shares of the company's stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TFC. Morgan Stanley reduced their price objective on Truist Financial from $69.00 to $63.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Barclays cut Truist Financial from an "equal weight" rating to an "underweight" rating and increased their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Piper Sandler increased their price objective on Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, January 22nd. Weiss Ratings cut Truist Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 12th. Finally, Jefferies Financial Group started coverage on Truist Financial in a research report on Thursday, March 26th. They issued an "underperform" rating and a $35.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of "Moderate Buy" and a consensus price target of $54.41.

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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.