Carnegie Investment Counsel Acquires 38,750 Shares of Truist Financial Corporation $TFC

Key Points

• Carnegie Investment Counsel increased its stake in Truist by 57.8%, adding 38,750 shares to hold 105,792 shares valued at about $5.21 million at quarter-end.
• Truist's board approved a $10.0 billion share buyback authorization (up to 15.7% of shares) and the company pays a quarterly dividend of $0.52, implying a 4.2% yield.
• The company missed quarterly expectations—EPS of $1.00 vs. $1.09 expected and revenue of $4.93 billion vs. $5.32 billion—and insiders including the CFO and CAO sold notable portions of their holdings.

Carnegie Investment Counsel grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 57.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,792 shares of the insurance provider's stock after acquiring an additional 38,750 shares during the quarter. Carnegie Investment Counsel's holdings in Truist Financial were worth $5,206,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of TFC. Independent Advisor Alliance boosted its position in shares of Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider's stock worth $15,046,000 after buying an additional 29,191 shares during the period. Cullen Capital Management LLC boosted its position in shares of Truist Financial by 10.3% during the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider's stock worth $209,936,000 after buying an additional 427,067 shares during the period. Brookstone Capital Management boosted its position in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider's stock worth $15,366,000 after buying an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider's stock worth $19,285,000 after buying an additional 10,706 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Truist Financial by 18.6% during the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider's stock worth $7,728,000 after buying an additional 26,530 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Activity 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 stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm'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 value 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. The trade was a 83.99% 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Evercore reaffirmed an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. 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 price objective for the company. 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. TD Cowen upped their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Finally, Raymond James Financial upped their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 7th. Nine equities research 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.41.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $49.63 on Friday. The stock has a 50 day moving average price of $48.91 and a 200 day moving average price of $47.73. Truist Financial Corporation has a 52 week low of $34.52 and a 52 week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $61.59 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly 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 company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the company posted $0.91 earnings per share. The business's revenue for the quarter was up 3.6% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Dividend Announcement

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

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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