Convergence Investment Partners LLC Buys New Shares in Truist Financial Corporation $TFC

Convergence Investment Partners LLC purchased a new position in Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,985 shares of the insurance provider’s stock, valued at approximately $731,000.

Several other institutional investors have also added to or reduced their stakes in TFC. Vanguard Group Inc. lifted its stake in shares of Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares during the last quarter. Geode Capital Management LLC increased its stake 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 purchasing an additional 74,728 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Truist Financial by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after purchasing an additional 164,034 shares during the last quarter. Invesco Ltd. lifted its position in Truist Financial by 6.5% in the second 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. Finally, American Century Companies Inc. boosted its stake in shares of Truist Financial by 6.6% during the second quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock valued at $551,768,000 after purchasing an additional 793,276 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 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 company insiders.

Truist Financial Stock Up 2.4%

Shares of NYSE:TFC opened at $52.66 on Tuesday. The firm has a market capitalization of $67.37 billion, a P/E ratio of 13.82, a P/E/G ratio of 0.87 and a beta of 0.89. 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 stock has a 50 day moving average price of $49.52 and a 200-day moving average price of $46.44. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $52.72.

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

Truist Financial declared that its board has authorized a share 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 reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. Truist Financial’s dividend payout ratio is currently 54.59%.

Analyst Ratings Changes

A number of equities research analysts recently commented on TFC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. TD Cowen boosted their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Raymond James Financial upped their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Finally, UBS Group set a $55.00 price target on Truist Financial in a report on Tuesday, October 21st. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.20.

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.