Truist Financial Corporation $TFC Shares Bought by Empowered Funds LLC

Key Points

• Empowered Funds LLC nearly doubled its Truist Financial holdings in the first quarter, increasing its stake by 91.8% to 93,863 shares valued at approximately $4.3 million. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, exceeding the $1.08 consensus estimate, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52, representing a 4.0% annualized yield.
• Analyst sentiment remains mixed, with Truist carrying a consensus “Hold” rating and an average price target of $54.67. Meanwhile, CEO William H. Rogers Jr. and a director recently sold shares.

Empowered Funds LLC raised its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 91.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 93,863 shares of the insurance provider's stock after acquiring an additional 44,914 shares during the quarter. Empowered Funds LLC's holdings in Truist Financial were worth $4,315,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. 3Chopt Investment Partners LLC boosted its holdings in Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after purchasing an additional 193 shares in the last quarter. IFP Advisors Inc increased its stake in Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock valued at $404,000 after purchasing an additional 194 shares during the last quarter. PCB Capital LLC increased its stake in Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock valued at $310,000 after purchasing an additional 198 shares during the last quarter. AlphaCore Capital LLC raised its holdings in Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after purchasing an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its position in shares of Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock worth $188,000 after buying an additional 199 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the firm's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company's stock.

Truist Financial Stock Performance

Shares of TFC opened at $51.91 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $64.68 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. The company's 50 day simple moving average is $50.28 and its 200-day simple moving average is $49.61. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial's payout ratio is currently 47.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TFC shares. Bank of America reaffirmed a "neutral" rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. UBS Group lowered Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of "Hold" and a consensus price target of $54.67.

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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