Raleigh Capital Management Inc. Boosts Stock Position in Truist Financial Corporation $TFC

Raleigh Capital Management Inc. boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 26.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,965 shares of the insurance provider’s stock after purchasing an additional 9,535 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Truist Financial were worth $2,056,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Aspect Partners LLC raised its position 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 buying an additional 268 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the third quarter worth about $28,000. Princeton Global Asset Management LLC purchased a new position in Truist Financial in the second quarter worth about $30,000. Capital A Wealth Management LLC increased its stake in Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares during the last quarter. Finally, Darwin Wealth Management LLC raised its position in Truist Financial by 631.6% during the third 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 during the period. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 2.4%

NYSE:TFC opened at $52.66 on Tuesday. The stock has a fifty day simple moving average of $49.52 and a 200-day simple moving average of $46.44. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $67.37 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $52.72.

Truist Financial (NYSE:TFC) last issued its 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). The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate 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 was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. Analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial declared that its board has approved a share repurchase plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Truist Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TFC. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and lifted their target price for the stock from $49.00 to $58.00 in a report on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Piper Sandler lifted their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Finally, TD Cowen raised their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.