LSV Asset Management Sells 56,400 Shares of Truist Financial Corporation $TFC

LSV Asset Management lessened its stake in shares of Truist Financial Corporation (NYSE:TFC) by 4.9% during the third quarter, Holdings Channel reports. The fund owned 1,102,800 shares of the insurance provider’s stock after selling 56,400 shares during the quarter. LSV Asset Management’s holdings in Truist Financial were worth $50,420,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Brighton Jones LLC boosted its position in shares of 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 in the last quarter. Woodline Partners LP raised its stake in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after buying an additional 31,454 shares during the period. Sivia Capital Partners LLC bought a new position in Truist Financial in the second quarter worth approximately $575,000. CWM LLC grew its stake in Truist Financial by 34.5% in the second quarter. CWM LLC now owns 76,277 shares of the insurance provider’s stock valued at $3,279,000 after acquiring an additional 19,560 shares during the period. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Truist Financial by 6.5% during the second quarter. Sequoia Financial Advisors LLC now owns 40,827 shares of the insurance provider’s stock valued at $1,755,000 after acquiring an additional 2,494 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the company’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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction 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 sale, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 21,660 shares of company stock valued at $1,075,087. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TFC shares. Piper Sandler increased their target price on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Finally, Robert W. Baird downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Eight investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $55.60.

Truist Financial Stock Down 0.4%

Truist Financial stock opened at $51.86 on Friday. 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 debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The firm’s 50-day simple moving average is $50.86 and its 200 day simple moving average is $46.99. The stock has a market cap 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.

Truist Financial (NYSE:TFC) last posted 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). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the business posted $0.91 EPS. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial declared that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 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.