Capital International Investors boosted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 107,642,731 shares of the insurance provider's stock after purchasing an additional 346,423 shares during the period. Truist Financial comprises 0.8% of Capital International Investors' investment portfolio, making the stock its 27th largest position. Capital International Investors owned 8.41% of Truist Financial worth $4,921,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Aprio Wealth Management LLC raised its holdings in Truist Financial by 2.7% during the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider's stock valued at $392,000 after buying an additional 226 shares during the last quarter. Leisure Capital Management increased its position in shares of Truist Financial by 1.2% in the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider's stock valued at $914,000 after acquiring an additional 230 shares during the period. Smith Thornton Advisors LLC boosted its holdings in shares of Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider's stock worth $270,000 after purchasing an additional 231 shares during the period. Gries Financial LLC grew its stake in shares of Truist Financial by 4.4% in the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider's stock worth $252,000 after purchasing an additional 233 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in Truist Financial by 6.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider's stock valued at $170,000 after purchasing an additional 237 shares during the period. Institutional investors own 71.28% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts recently commented on TFC shares. Morgan Stanley upgraded Truist Financial from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $56.00 to $69.00 in a report on Tuesday, February 17th. Citigroup increased their price target 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. Barclays cut Truist Financial from an "equal weight" rating to an "underweight" rating and lifted their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Raymond James Financial raised their target price on Truist Financial from $50.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, January 7th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Ten investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.47.
View Our Latest Analysis on Truist Financial
Insider Transactions at Truist Financial
In related news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company's stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction 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 completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is owned by insiders.
Truist Financial Price Performance
Shares of TFC opened at $46.75 on Tuesday. The firm has a fifty day simple moving average of $50.94 and a two-hundred day simple moving average of $47.74. The firm has a market cap of $58.39 billion, a PE ratio of 12.27, a P/E/G ratio of 0.79 and a beta of 0.87. 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 Corporation has a 1-year low of $33.56 and a 1-year high of $56.19.
Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business's revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. On average, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.
Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, February 13th. Truist Financial's dividend payout ratio is 54.59%.
Truist Financial declared that its board has approved a share repurchase plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.
Truist Financial Profile
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Free Report)
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.
See Also
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