Metis Global Partners LLC Cuts Stock Position in Truist Financial Corporation $TFC

Metis Global Partners LLC decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 22.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 43,834 shares of the insurance provider’s stock after selling 12,797 shares during the period. Metis Global Partners LLC’s holdings in Truist Financial were worth $2,004,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Independent Advisor Alliance lifted its stake in shares of Truist Financial by 9.7% in the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares during the period. Cullen Capital Management LLC increased its holdings in Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after buying an additional 427,067 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Truist Financial by 12.3% during the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock valued at $15,366,000 after acquiring an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after acquiring an additional 10,706 shares during the period. Finally, Versor Investments LP boosted its stake in shares of Truist Financial by 64.4% during the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after acquiring an additional 9,800 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on TFC. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Morgan Stanley lifted their price target on Truist Financial from $55.00 to $56.00 and gave the stock 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 downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $55.60.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 in the last three months. Company insiders own 0.14% of the company’s stock.

Truist Financial Trading Down 0.4%

Shares of TFC opened at $51.86 on Monday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. The company has a market capitalization of $66.34 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The stock has a fifty day moving average of $50.86 and a two-hundred day moving average of $47.03. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm earned $0.91 EPS. As a group, analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is currently 54.59%.

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

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.