Truist Financial Corporation $TFC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 1.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,633,093 shares of the insurance provider’s stock after selling 95,197 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Truist Financial worth $348,985,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Brighton Jones LLC grew its stake in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Woodline Partners LP grew its holdings in Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth $575,000. Chicago Capital LLC purchased a new position in shares of Truist Financial during the 2nd quarter worth $205,000. Finally, PFG Investments LLC boosted its position in shares of Truist Financial by 21.0% during the 2nd quarter. PFG Investments LLC now owns 16,688 shares of the insurance provider’s stock valued at $717,000 after acquiring an additional 2,893 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $51.26 on Friday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The company has a 50 day moving average price of $49.25 and a 200 day moving average price of $46.32. The stock has a market capitalization of $65.58 billion, a P/E ratio of 13.45, a PEG ratio of 0.85 and a beta of 0.89.

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

Truist Financial declared that its board has approved 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

Insider Transactions at Truist Financial

In related news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred on 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 directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Robert W. Baird cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. TD Cowen increased their price target on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Piper Sandler raised their price target on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Morgan Stanley upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Finally, Raymond James Financial increased their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.20.

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.