Deprince Race & Zollo Inc. Sells 13,015 Shares of Truist Financial Corporation $TFC

Deprince Race & Zollo Inc. cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 656,518 shares of the insurance provider’s stock after selling 13,015 shares during the period. Deprince Race & Zollo Inc. owned approximately 0.05% of Truist Financial worth $30,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Aspect Partners LLC lifted its holdings in shares of Truist Financial by 71.5% during 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 in the last quarter. Darwin Wealth Management LLC raised its holdings in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares during the period. Princeton Global Asset Management LLC bought a new position in Truist Financial in the second quarter valued at approximately $30,000. Capital A Wealth Management LLC boosted 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 buying an additional 678 shares during the period. Finally, Ramirez Asset Management Inc. increased 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 acquiring an additional 300 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were 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 in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TFC. Morgan Stanley upped their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. TD Cowen upgraded 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. Piper Sandler set a $48.00 target price on Truist Financial in a research note on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $49.93.

Truist Financial Price Performance

Shares of NYSE TFC opened at $50.61 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $46.48 and its two-hundred day moving average price is $45.06. The company has a market cap of $64.74 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $50.86.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. During the same period in the previous year, the company posted $0.97 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is presently 55.91%.

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.