Truist Financial (NYSE:TFC) CAO Sells 3,500 Shares

Truist Financial Corporation (NYSE:TFC) CAO Cynthia Powell sold 3,500 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Truist Financial Stock Performance

NYSE:TFC traded up $0.94 on Wednesday, hitting $54.97. The company’s stock had a trading volume of 6,864,230 shares, compared to its average volume of 10,580,941. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a one year low of $33.56 and a one year high of $55.75. The stock has a fifty day moving average of $49.67 and a two-hundred day moving average of $46.51. The firm has a market capitalization of $70.32 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 0.89 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 3.8%. Truist Financial’s payout ratio is 54.59%.

Institutional Trading of Truist Financial

Several hedge funds have recently bought and sold shares of the business. 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 acquiring an additional 205 shares in the last quarter. Private Trust Co. NA grew its holdings in 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 buying an additional 215 shares in the last quarter. Aspiriant LLC raised its position in Truist Financial by 2.3% in the 4th quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock valued at $478,000 after buying an additional 219 shares during the last quarter. Aprio Wealth Management LLC lifted its stake in Truist Financial by 2.7% during the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 226 shares in the last quarter. Finally, Keystone Financial Group Inc. boosted its holdings in Truist Financial by 1.1% during the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock worth $1,070,000 after acquiring an additional 227 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TFC. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Morgan Stanley raised their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Robert W. Baird lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. 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 company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.20.

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.