Truist Financial Corporation $TFC Shares Sold by Kanawha Capital Management LLC

Key Points

• Kanawha Capital Management LLC reduced its stake in Truist by 13.9%, selling 29,601 shares in Q4 and leaving 183,393 shares valued at about $9.03 million.
• Insider selling included CAO Cynthia B. Powell offloading 3,500 shares and CFO Michael Baron Maguire selling 13,000 shares, materially lowering their personal holdings.
• Truist beat the most recent quarterly estimates with EPS of $1.09 and $5.20B in revenue, pays a $0.52 quarterly dividend (4.1% yield), and holds a consensus “Moderate Buy” rating with an average price target of $55.41.

Kanawha Capital Management LLC lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 13.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 183,393 shares of the insurance provider's stock after selling 29,601 shares during the period. Kanawha Capital Management LLC's holdings in Truist Financial were worth $9,025,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Alliance Wealth Advisors LLC increased its position in shares of Truist Financial by 1.8% during the fourth quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider's stock worth $556,000 after purchasing an additional 205 shares in the last quarter. Private Trust Co. NA increased its position in shares of Truist Financial by 1.2% during the fourth quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider's stock worth $924,000 after purchasing an additional 215 shares in the last quarter. Aspiriant LLC increased its position in shares of Truist Financial by 2.3% during the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider's stock worth $478,000 after purchasing an additional 219 shares in the last quarter. Aprio Wealth Management LLC increased its position in shares of Truist Financial by 2.7% during the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider's stock worth $392,000 after purchasing an additional 226 shares in the last quarter. Finally, Keystone Financial Group Inc. increased its position in shares of Truist Financial by 1.1% during the fourth quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider's stock worth $1,070,000 after purchasing an additional 227 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Activity

In other Truist Financial news, 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 value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company's stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 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. Insiders own 0.15% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on TFC. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 7th. TD Cowen lifted their target price on Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Evercore reiterated an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. Morgan Stanley dropped their price target on Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Royal Bank Of Canada boosted their price target on Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research report on Monday. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $55.41.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.93 on Thursday. The stock has a market capitalization of $63.20 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $36.83 and a 52-week high of $56.19. The stock's 50-day moving average price is $48.21 and its 200 day moving average price is $47.98. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

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, beating the consensus estimate of $1.00 by $0.09. The firm had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 EPS. As a group, equities research analysts forecast that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, February 13th. Truist Financial's payout ratio is 51.61%.

Truist Financial Company 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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