Rhino Investment Partners Inc Sells 27,264 Shares of Truist Financial Corporation $TFC

Key Points

• Rhino Investment Partners sold 27,264 shares of Truist, trimming its stake by 5% to 519,254 shares valued at $23.74 million, which represents 7.5% of Rhino’s portfolio and is its second-largest holding.
• The Truist board authorized a $10.0 billion share buyback (up to 15.7% of outstanding shares), a move typically interpreted as management signaling the stock may be undervalued.
• Truist missed quarterly estimates with EPS of $1.00 vs. $1.09 expected and revenue of $4.93B vs. $5.32B, while continuing to pay a $0.52 quarterly dividend (about a 4.7% yield).

Rhino Investment Partners Inc lowered its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 5.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 519,254 shares of the insurance provider's stock after selling 27,264 shares during the period. Truist Financial comprises 7.5% of Rhino Investment Partners Inc's investment portfolio, making the stock its 2nd biggest position. Rhino Investment Partners Inc's holdings in Truist Financial were worth $23,740,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of TFC. Texas Capital Bank Wealth Management Services Inc lifted its stake in Truist Financial by 169.3% in the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 15,659 shares of the insurance provider's stock valued at $716,000 after buying an additional 9,845 shares in the last quarter. Wealth Advisors of Tampa Bay LLC increased its stake in Truist Financial by 0.6% during the 3rd quarter. Wealth Advisors of Tampa Bay LLC now owns 49,402 shares of the insurance provider's stock worth $2,259,000 after buying an additional 300 shares in the last quarter. Regal Investment Advisors LLC increased its stake in Truist Financial by 24.3% during the 3rd quarter. Regal Investment Advisors LLC now owns 8,224 shares of the insurance provider's stock worth $376,000 after buying an additional 1,608 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of Truist Financial by 1.3% during the third quarter. Brown Brothers Harriman & Co. now owns 24,998 shares of the insurance provider's stock valued at $1,143,000 after acquiring an additional 309 shares during the last quarter. Finally, Cadence Bank raised its holdings in shares of Truist Financial by 8.0% during the third quarter. Cadence Bank now owns 335,969 shares of the insurance provider's stock valued at $15,361,000 after acquiring an additional 24,745 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Performance

NYSE TFC opened at $43.82 on Friday. The stock has a fifty day simple moving average of $50.60 and a 200-day simple moving average of $47.69. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market cap of $54.73 billion, a PE ratio of 11.50, a P/E/G ratio of 0.75 and a beta of 0.87. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month 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 earnings per share (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 during the quarter, compared to analysts' expectations of $5.32 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The firm's quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's payout ratio is 54.59%.

Truist Financial announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TFC. JPMorgan Chase & Co. lifted their price target on Truist Financial from $51.50 to $57.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Barclays downgraded Truist Financial from an "equal weight" rating to an "underweight" rating and increased their price objective for the company from $47.00 to $56.00 in a research note on Monday, January 5th. The Goldman Sachs Group restated a "buy" rating and issued a $58.00 price objective on shares of Truist Financial in a report on Tuesday, January 6th. Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 target price on the stock in a research note on Monday, March 9th. Finally, Piper Sandler increased their target price 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. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $56.47.

Insider Buying and Selling

In related news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the business'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 in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by 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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