Oppenheimer & Co. Inc. Purchases 26,530 Shares of Truist Financial Corporation $TFC

Oppenheimer & Co. Inc. boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 18.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 169,030 shares of the insurance provider’s stock after buying an additional 26,530 shares during the period. Oppenheimer & Co. Inc.’s holdings in Truist Financial were worth $7,728,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Independent Advisor Alliance boosted its holdings in Truist Financial by 9.7% during the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after acquiring an additional 29,191 shares during the period. Cullen Capital Management LLC lifted its stake in Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after acquiring an additional 427,067 shares during the period. Brookstone Capital Management lifted its position in shares of Truist Financial by 12.3% in the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares during the period. Raleigh Capital Management Inc. boosted its position in Truist Financial by 26.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 44,965 shares of the insurance provider’s stock valued at $2,056,000 after acquiring an additional 9,535 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its position in Truist Financial by 13.9% during the third quarter. Jones Financial Companies Lllp now owns 1,652,406 shares of the insurance provider’s stock valued at $76,039,000 after purchasing an additional 201,807 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s 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 completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 21,660 shares of company stock worth $1,075,087. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on TFC. Argus lifted their price target on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Raymond James Financial lifted their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. JPMorgan Chase & Co. boosted their target price on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Citigroup increased their price target on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 31st. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus price target of $55.60.

Truist Financial Price Performance

NYSE:TFC opened at $54.82 on Tuesday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The stock has a market cap of $70.13 billion, a PE ratio of 14.39, a P/E/G ratio of 0.94 and a beta of 0.89. The stock has a 50 day moving average price of $50.38 and a 200 day moving average price of $46.79. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last announced 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). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the firm posted $0.91 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal 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 Announces Dividend

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 3.8%. Truist Financial’s payout ratio is currently 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.