Chevy Chase Trust Holdings LLC Sells 52,361 Shares of Truist Financial Corporation $TFC

Key Points

• Chevy Chase Trust reduced its stake in Truist by 6.7%, selling 52,361 shares and now holds 734,159 shares (about 0.06% of the company) valued at roughly $33.6 million.
• Truist missed quarterly expectations, reporting $1.00 EPS vs. $1.09 expected and $4.93 billion in revenue vs. $5.32 billion forecast, though net margin was 17.09% and ROE 9.03%.
• The board approved a $10.00 billion share repurchase (up to 15.7% of shares) and the company pays a $0.52 quarterly dividend (about a 4.7% yield).

Chevy Chase Trust Holdings LLC reduced its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 734,159 shares of the insurance provider's stock after selling 52,361 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Truist Financial worth $33,566,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TFC. Brighton Jones LLC lifted its position in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP grew its holdings in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock valued at $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Truist Financial during the 2nd quarter valued at approximately $575,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Truist Financial by 6.7% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 321,172 shares of the insurance provider's stock worth $13,807,000 after acquiring an additional 20,234 shares during the last quarter. Finally, Creative Planning increased its stake in Truist Financial by 39.1% in the 2nd quarter. Creative Planning now owns 388,648 shares of the insurance provider's stock worth $16,708,000 after acquiring an additional 109,180 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $43.82 on Monday. The stock has a market cap of $54.73 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. 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 50 day moving average price of $50.60 and a 200-day moving average price of $47.71. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19.

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

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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial's dividend payout ratio is currently 54.59%.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm's stock in a transaction dated 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 owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares of the company's stock, valued at approximately $35,010.83. This 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 currently owned by company insiders.

Analysts Set New Price Targets

TFC has been the subject of a number of research reports. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 target price for the company in a research report on Monday, March 9th. Morgan Stanley upgraded shares of Truist Financial from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $56.00 to $69.00 in a research report on Tuesday, February 17th. TD Cowen upped their price target on shares of Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a "market perform" rating in a research report on Wednesday, December 17th. Finally, Argus lifted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $56.47.

Truist Financial 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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