Douglas Lane & Associates LLC Sells 11,336 Shares of Truist Financial Corporation $TFC

Douglas Lane & Associates LLC lessened its stake in Truist Financial Corporation (NYSE:TFC) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,143,828 shares of the insurance provider’s stock after selling 11,336 shares during the quarter. Douglas Lane & Associates LLC owned 0.09% of Truist Financial worth $52,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after buying an additional 1,529,478 shares during the last quarter. Geode Capital Management LLC raised its holdings in Truist Financial by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock worth $1,205,855,000 after acquiring an additional 74,728 shares during the last quarter. Amundi raised its holdings in Truist Financial by 4.6% in the 1st quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Truist Financial by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after acquiring an additional 164,034 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Truist Financial by 6.5% during the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after purchasing an additional 854,826 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

TFC opened at $50.10 on Friday. The company’s 50 day moving average is $45.69 and its 200 day moving average is $44.69. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $64.08 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $50.50.

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

Truist Financial announced that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

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

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated 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 approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Morgan Stanley boosted their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Piper Sandler set a $48.00 price target on shares of Truist Financial in a report on Monday, October 20th. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Tuesday, October 21st. Finally, Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report 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 assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $49.93.

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.