Intact Investment Management Inc. Cuts Stock Position in Truist Financial Corporation $TFC

Intact Investment Management Inc. trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 38.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,500 shares of the insurance provider’s stock after selling 61,200 shares during the quarter. Intact Investment Management Inc.’s holdings in Truist Financial were worth $4,503,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in TFC. Smith Thornton Advisors LLC raised its position in Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 231 shares during the period. Gries Financial LLC increased its stake in shares of Truist Financial by 4.4% during the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 233 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of Truist Financial by 1.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after purchasing an additional 239 shares during the last quarter. CNB Bank raised its position in shares of Truist Financial by 5.5% during the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock worth $210,000 after purchasing an additional 239 shares during the last quarter. Finally, MGO One Seven LLC lifted its stake in Truist Financial by 0.9% in the 2nd quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after buying an additional 246 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $50.17 on Tuesday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.51. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market cap of $64.18 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. The business has a fifty day moving average of $48.87 and a two-hundred day moving average of $46.22.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Piper Sandler boosted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods boosted their price target 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. Argus increased their price objective on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday. TD Cowen raised their price objective on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Finally, Citigroup upped their target price on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.20.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.

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.