Truist Financial Corporation $TFC Shares Sold by Cantor Fitzgerald Investment Advisors L.P.

Key Points

• Cantor Fitzgerald Investment Advisors L.P. cut its stake in Truist Financial by 10.2% in Q4 to 395,471 shares worth about $19.46 million, making TFC its 13th-largest holding.
• Company insiders sold notable positions: CFO Michael Baron Maguire sold 13,000 shares (≈$651,690) and CAO Cynthia B. Powell sold 3,500 shares (≈$183,715), reducing their ownership by about 14.9% and 83.99%, respectively.
• Truist approved a $10 billion share buyback (up to 15.7% of shares) even as it missed Q4 EPS and revenue estimatesModerate Buy” with a $54.41 price target and the stock yields ~4.2%.

Cantor Fitzgerald Investment Advisors L.P. lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 395,471 shares of the insurance provider's stock after selling 44,984 shares during the quarter. Truist Financial comprises about 1.4% of Cantor Fitzgerald Investment Advisors L.P.'s holdings, making the stock its 13th largest holding. Cantor Fitzgerald Investment Advisors L.P.'s holdings in Truist Financial were worth $19,461,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital International Investors increased its holdings in shares of Truist Financial by 0.3% in the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider's stock valued at $4,921,717,000 after purchasing an additional 346,423 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Truist Financial by 8.4% in the third quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider's stock valued at $477,575,000 after purchasing an additional 813,177 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Truist Financial by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider's stock valued at $388,300,000 after purchasing an additional 168,464 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Truist Financial by 9.0% in the third quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider's stock valued at $361,316,000 after purchasing an additional 655,542 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm's stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the transaction, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company's stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Citigroup increased their price target on Truist Financial from $60.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, December 31st. Morgan Stanley cut their price target on Truist Financial from $69.00 to $63.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Raymond James Financial increased their price target on Truist Financial from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, January 7th. Barclays cut Truist Financial from an "equal weight" rating to an "underweight" rating and increased their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Finally, Evercore reiterated an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.41.

Truist Financial Trading Down 1.7%

Shares of Truist Financial stock opened at $49.63 on Friday. The firm has a market capitalization of $61.59 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $34.52 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a 50 day moving average of $48.91 and a 200 day moving average of $47.71.

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 for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company's revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its board has approved a stock repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, February 13th. 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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