Corient Private Wealth LLC Has $11.38 Million Stock Position in Truist Financial Corporation $TFC

Corient Private Wealth LLC lowered its stake in Truist Financial Corporation (NYSE:TFC) by 52.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 264,758 shares of the insurance provider’s stock after selling 292,923 shares during the quarter. Corient Private Wealth LLC’s holdings in Truist Financial were worth $11,382,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at $25,000. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares during the period. Princeton Global Asset Management LLC bought a new stake in shares of Truist Financial in the second quarter valued at about $30,000. Capital A Wealth Management LLC lifted its holdings in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares in the last quarter. Finally, Ramirez Asset Management Inc. boosted its position in shares of Truist Financial by 60.0% during the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after buying an additional 300 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. TD Cowen raised Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Tuesday, October 21st. Evercore ISI lifted their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.93.

Truist Financial Stock Performance

Shares of TFC opened at $49.95 on Friday. The company has a market cap of $63.90 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The firm has a 50-day moving average of $45.54 and a 200-day moving average of $44.58. Truist Financial Corporation has a one year low of $33.56 and a one year high of $50.50. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. During the same period in the prior year, the firm earned $0.97 EPS. Truist Financial’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial’s payout ratio is presently 55.91%.

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

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.