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

Kanawha Capital Management LLC cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 6.8% in the 3rd quarter, Holdings Channel reports. The fund owned 212,994 shares of the insurance provider’s stock after selling 15,636 shares during the quarter. Kanawha Capital Management LLC’s holdings in Truist Financial were worth $9,738,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP lifted its holdings in shares of Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Truist Financial in the second quarter valued at approximately $575,000. Patton Fund Management Inc. acquired a new position in Truist Financial during the second quarter worth $251,000. Finally, Old Port Advisors grew its holdings in Truist Financial by 303.7% during the second quarter. Old Port Advisors now owns 20,556 shares of the insurance provider’s stock worth $884,000 after acquiring an additional 15,464 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on TFC. TD Cowen boosted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Finally, Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $47.00 to $56.00 in a report on Monday, January 5th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $54.20.

Truist Financial Stock Performance

NYSE:TFC opened at $49.57 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market cap of $63.41 billion, a PE ratio of 13.01, a P/E/G ratio of 0.84 and a beta of 0.89. The firm has a 50 day simple moving average of $48.75 and a 200-day simple moving average of $46.18. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $51.51.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the business earned $0.91 EPS. Truist Financial’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. 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%.

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.