Truist Financial Corporation $TFC Shares Acquired by Caprock Group LLC

Key Points

• Caprock Group raised its stake in Truist by 68.9% to 72,829 shares (worth $3.584M), and institutional investors now own about 71.28% of the stock.
• Truist topped Q1 estimates with EPS $1.09 (vs. $1.00) and revenue of $5.20B, and it pays a quarterly dividend of $0.52 (annualized yield 4.0%).
• Analysts' views are mixed but generally positive: the stock has an average rating of "Moderate Buy" with an average target of $55.41, even as some firms trimmed targets and others raised them.

Caprock Group LLC raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 68.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,829 shares of the insurance provider's stock after acquiring an additional 29,704 shares during the period. Caprock Group LLC's holdings in Truist Financial were worth $3,584,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Independent Advisor Alliance grew its holdings in shares of Truist Financial by 9.7% in the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider's stock valued at $15,046,000 after purchasing an additional 29,191 shares in the last quarter. Cullen Capital Management LLC grew its holdings in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider's stock valued at $209,936,000 after purchasing an additional 427,067 shares in the last quarter. Brookstone Capital Management grew its holdings in shares of Truist Financial by 12.3% in the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider's stock valued at $15,366,000 after purchasing an additional 36,916 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider's stock valued at $7,728,000 after purchasing an additional 26,530 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of Truist Financial by 2.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider's stock valued at $19,285,000 after purchasing an additional 10,706 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TFC. JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a report on Tuesday, April 7th. Jefferies Financial Group restated a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Argus lifted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a report on Friday, January 23rd. TD Cowen lifted their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada lifted their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a report on Monday. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.41.

Truist Financial Stock Up 0.9%

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

Truist Financial (NYSE:TFC - Get Free Report) last issued 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 the consensus estimate of $5.18 billion. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The firm's quarterly revenue was up 5.0% on a year-over-year basis. As a group, research analysts forecast that Truist Financial Corporation will post 4.51 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial's payout ratio is currently 51.61%.

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 transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial 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 completion of the transaction, the chief accounting officer owned 667 shares of the company's stock, valued at $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.15% of the stock is owned by insiders.

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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