HB Wealth Management LLC Decreases Stock Holdings in Truist Financial Corporation $TFC

Key Points

• HB Wealth Management trimmed its Truist position by 15.1% in Q4, selling 23,288 shares and now holding 130,859 shares valued at about $6.44 million.
• Several institutions made large moves — notably Wellington Management bought an additional 10.31 million shares to hold 10.39 million shares (~$474.9M) — and institutional/hedge fund ownership stands at 71.28%.
• Company insiders have been selling: CFO Michael Maguire sold 13,000 shares (a 14.89% reduction) and CAO Cynthia Powell sold 3,500 shares (an 83.99% reduction), leaving insiders with just 0.15% ownership.

HB Wealth Management LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 15.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 130,859 shares of the insurance provider's stock after selling 23,288 shares during the quarter. HB Wealth Management LLC's holdings in Truist Financial were worth $6,440,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TFC. Wellington Management Group LLP lifted its position in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after buying an additional 10,310,523 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Truist Financial by 203.1% during the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock valued at $179,176,000 after buying an additional 2,625,847 shares during the last quarter. Azora Capital LP purchased a new stake in shares of Truist Financial during the third quarter valued at about $115,417,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Truist Financial by 164.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock valued at $105,490,000 after buying an additional 1,433,934 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Truist Financial by 71.9% during the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock valued at $136,065,000 after buying an additional 1,323,866 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm's 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 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 trade represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 667 shares of the company's stock, valued at $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. Company insiders own 0.15% of the company's stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $51.43 on Friday. The firm has a market capitalization of $63.83 billion, a P/E ratio of 12.76, a PEG ratio of 0.87 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a 50 day moving average price of $48.20 and a 200 day moving average price of $48.00. Truist Financial Corporation has a 52 week low of $36.83 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the firm posted $0.87 EPS. Truist Financial's revenue for the quarter was up 5.0% compared to the same quarter last year. Sell-side analysts expect that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders 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 dividend on an annualized basis and a yield of 4.0%. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. Morgan Stanley decreased their price objective on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday. Citigroup increased their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, December 31st. Evercore reaffirmed an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. Royal Bank Of Canada increased their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Piper Sandler increased their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, January 22nd. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.41.

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.

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