Ritholtz Wealth Management Purchases 21,903 Shares of Truist Financial Corporation $TFC

Key Points

• Ritholtz Wealth Management raised its stake in Truist by 91.9%, buying 21,903 shares to hold 45,749 shares worth about $2.25 million after the fourth quarter.
• Truist announced a $10 billion share buyback (up to 15.7% of outstanding shares) and pays a $0.52 quarterly dividend, implying a ~4.2% yield.
• Truist missed the quarter with EPS of $1.00 versus $1.09 expected and revenue of $4.93 billion versus $5.32 billion, while analysts remain mixed with a consensus rating of "Moderate Buy" and a $54.41 price target.

Ritholtz Wealth Management raised its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 91.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 45,749 shares of the insurance provider's stock after buying an additional 21,903 shares during the period. Ritholtz Wealth Management's holdings in Truist Financial were worth $2,251,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of TFC. Valley Wealth Managers Inc. bought a new position in Truist Financial in the 3rd quarter valued at $28,000. Capital A Wealth Management LLC boosted its position in Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider's stock valued at $32,000 after buying an additional 678 shares during the last quarter. Darwin Wealth Management LLC boosted its position in Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider's stock valued at $32,000 after buying an additional 600 shares during the last quarter. Maseco LLP boosted its position 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 during the last quarter. Finally, Ancora Advisors LLC boosted its position 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 during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

In other Truist Financial news, 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 value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company's stock, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial 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 directly owned 74,323 shares in the company, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. The Goldman Sachs Group restated a "buy" rating and issued a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Jefferies Financial Group assumed coverage on Truist Financial in a research report on Thursday, March 26th. They issued an "underperform" rating and a $35.00 price target on the stock. TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Weiss Ratings lowered Truist Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 12th. Finally, Citigroup raised their price target on Truist Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, December 31st. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.41.

Truist Financial Stock Performance

TFC stock opened at $49.63 on Monday. The business's 50-day moving average price is $48.91 and its two-hundred day moving average price is $47.74. 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 firm has a market cap of $61.59 billion, a PE ratio of 13.03, a P/E/G ratio of 0.86 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $34.52 and a 1-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 (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 firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the business earned $0.91 EPS. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

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

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders 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 4.2%. Truist Financial's dividend payout ratio (DPR) is currently 54.59%.

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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