Vinva Investment Management Ltd Buys 348,917 Shares of Truist Financial Corporation $TFC

Vinva Investment Management Ltd increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 159.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 568,169 shares of the insurance provider’s stock after buying an additional 348,917 shares during the quarter. Vinva Investment Management Ltd’s holdings in Truist Financial were worth $26,090,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the third quarter valued at about $28,000. Capital A Wealth Management LLC increased its stake in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Darwin Wealth Management LLC raised its holdings in shares of Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the period. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $36,000. Finally, Tripletail Wealth Management LLC purchased a new position in Truist Financial in the third quarter valued at approximately $37,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 4.3%

Truist Financial stock opened at $46.40 on Friday. The firm has a 50 day simple moving average of $51.01 and a 200 day simple moving average of $47.70. 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 1-year low of $33.56 and a 1-year high of $56.19. The firm has a market capitalization of $57.96 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.79 and a beta of 0.87.

Truist Financial (NYSE:TFC) last posted its earnings results 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 company had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The company’s revenue was up 3.6% on a year-over-year basis. On average, analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. Truist Financial’s dividend payout ratio is 54.59%.

Truist Financial announced that its board has authorized a share buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $47.00 to $56.00 in a report on Monday, January 5th. JPMorgan Chase & Co. upped their price target on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $56.00 to $69.00 in a report on Tuesday, February 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’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 sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% of the company’s stock.

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.