Truist Financial Corporation $TFC Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Truist Financial Corporation (NYSE:TFC) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,378,026 shares of the insurance provider’s stock after selling 33,032 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Truist Financial worth $63,003,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Smith Thornton Advisors LLC raised its holdings 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 purchasing an additional 231 shares in the last quarter. Gries Financial LLC increased its position in Truist Financial by 4.4% during the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 233 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Truist Financial by 6.8% during the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock worth $170,000 after acquiring an additional 237 shares during the period. Salomon & Ludwin LLC lifted its holdings in Truist Financial by 1.1% in the third quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after acquiring an additional 239 shares during the period. Finally, CNB Bank boosted 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 in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s 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 sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’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 completion of the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, 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 0.14% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of research analyst reports. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. TD Cowen lifted their price target 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. Piper Sandler upped their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Finally, Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $54.20.

Truist Financial Stock Up 2.6%

TFC stock opened at $54.04 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company’s 50 day simple moving average is $49.67 and its 200-day simple moving average is $46.51. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $54.24. The firm has a market capitalization of $69.13 billion, a PE ratio of 14.18, a P/E/G ratio of 0.89 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (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 analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. Equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Announces Dividend

The business 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 dividend of $0.52 per share. 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 3.8%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

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.