Oppenheimer & Co. Inc. Decreases Position in Truist Financial Corporation $TFC

Key Points

• Oppenheimer & Co. cut its stake in Truist Financial by 33.9% in Q4, selling 57,302 shares and leaving 111,728 shares valued at $5.50M, while institutional investors own about 71.28% of the stock.
• Truist beat quarterly estimates with $1.09 EPS vs. $1.00 and $5.20B revenue (up 5% YoY), and announced a quarterly dividend of $0.52 (4.1% yield; ex-dividend May 8, paid June 1).
• Analysts give Truist a consensus "Moderate Buy" (9 Buys, 5 Holds, 1 Sell) with an average target of $55.59; the stock trades near $50.98 with a P/E of 12.65 and market cap around $63.3B.

Oppenheimer & Co. Inc. cut its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 33.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,728 shares of the insurance provider's stock after selling 57,302 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Truist Financial were worth $5,498,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the 3rd quarter valued at about $28,000. Maseco LLP lifted its stake in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after buying an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after buying an additional 431 shares in the last quarter. Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after buying an additional 500 shares in the last quarter. Finally, Quest 10 Wealth Builders Inc. lifted its stake in Truist Financial by 2,178.4% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider's stock valued at $42,000 after buying an additional 806 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Evercore reaffirmed an "outperform" rating on shares of Truist Financial in a research note on Thursday, February 5th. Piper Sandler raised their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a research note on Thursday, January 22nd. Royal Bank Of Canada raised their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Robert W. Baird reiterated a "neutral" rating and issued a $55.00 price objective on shares of Truist Financial in a report on Friday. Finally, Jefferies Financial Group reiterated a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Stock Down 1.0%

TFC stock opened at $50.98 on Friday. The company has a market cap of $63.26 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 0.87 and a beta of 0.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12 month low of $38.27 and a 12 month high of $56.19. The firm has a 50-day moving average of $48.10 and a two-hundred day moving average of $48.28.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 EPS. As a group, analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial's dividend payout ratio is presently 51.61%.

Insider Activity

In other news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company's stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.15% of the stock is owned by corporate insiders.

About Truist Financial

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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