Truist Financial Corporation $TFC Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 421,809 shares of the insurance provider’s stock after buying an additional 10,706 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Truist Financial were worth $19,285,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TFC. Aspect Partners LLC increased its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares during the period. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the third quarter worth about $28,000. Princeton Global Asset Management LLC purchased a new stake in Truist Financial in the second quarter valued at approximately $30,000. Capital A Wealth Management LLC boosted its position in Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after buying an additional 678 shares during the last quarter. Finally, Darwin Wealth Management LLC increased its holdings in Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’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 transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,660 shares of company stock valued at $1,075,087 in the last quarter. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. Raymond James Financial raised their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Argus increased their price target on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Morgan Stanley lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. TD Cowen boosted 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, Evercore raised their target price on Truist Financial from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $54.60.

Truist Financial Trading Up 1.3%

TFC stock opened at $55.86 on Monday. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.20. The business’s 50-day moving average is $50.21 and its 200 day moving average is $46.73. 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 stock has a market cap of $71.46 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 17.09% and a return on equity of 9.03%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign 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. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 3.7%. Truist Financial’s payout ratio is currently 54.59%.

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.