First Horizon Corp Buys New Shares in Truist Financial Corporation $TFC

First Horizon Corp bought a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,256 shares of the insurance provider’s stock, valued at approximately $652,000.

A number of other hedge funds also recently bought and sold shares of TFC. Aspect Partners LLC increased its stake in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the period. Princeton Global Asset Management LLC acquired a new position in Truist Financial during the 2nd quarter worth approximately $30,000. Capital A Wealth Management LLC increased its position 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 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 valued at $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Ramirez Asset Management Inc. lifted its position in shares of Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 1.0%

NYSE:TFC opened at $49.66 on Wednesday. The company has a market capitalization of $63.53 billion, a PE ratio of 13.35, a P/E/G ratio of 0.96 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.51. The stock’s 50 day moving average price is $47.94 and its 200 day moving average price is $45.90. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

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

Truist Financial Dividend Announcement

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

Truist Financial announced that its board has approved a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on TFC. 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. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. TD Cowen increased their price objective on Truist Financial from $55.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Raymond James Financial raised their target price on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Finally, Piper Sandler set a $48.00 price target on Truist Financial in a report on Monday, October 20th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.80.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% 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.