Orion Porfolio Solutions LLC Trims Stock Position in Truist Financial Corporation $TFC

Orion Porfolio Solutions LLC reduced its position in Truist Financial Corporation (NYSE:TFC) by 14.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 95,589 shares of the insurance provider’s stock after selling 16,094 shares during the period. Orion Porfolio Solutions LLC’s holdings in Truist Financial were worth $4,370,000 at the end of the most recent quarter.

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

Truist Financial Price Performance

Truist Financial stock opened at $46.40 on Monday. Truist Financial Corporation has a one year low of $33.56 and a one year 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 business has a fifty day moving average of $51.01 and a two-hundred day moving average of $47.72. The company has a market cap of $57.96 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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 payout ratio is currently 54.59%.

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

Analyst Ratings Changes

TFC has been the topic of several research reports. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Argus increased their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Evercore reissued an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Piper Sandler boosted their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.17% of the company’s stock.

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.