Truist Financial Corporation $TFC Shares Bought by Versor Investments LP

Versor Investments LP grew its stake in Truist Financial Corporation (NYSE:TFC) by 64.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,008 shares of the insurance provider’s stock after acquiring an additional 9,800 shares during the quarter. Versor Investments LP’s holdings in Truist Financial were worth $1,143,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Independent Advisor Alliance increased its stake in shares of Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after buying an additional 29,191 shares during the period. Cullen Capital Management LLC grew its holdings in Truist Financial by 10.3% during the 3rd 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 in the last quarter. Brookstone Capital Management increased 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 valued at $15,366,000 after purchasing an additional 36,916 shares during the last quarter. Raleigh Capital Management Inc. raised its holdings in shares of Truist Financial by 26.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 44,965 shares of the insurance provider’s stock valued at $2,056,000 after purchasing an additional 9,535 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of Truist Financial by 13.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,652,406 shares of the insurance provider’s stock worth $76,039,000 after purchasing an additional 201,807 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TFC. Morgan Stanley raised their price target 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. Evercore increased their price objective on Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Raymond James Financial boosted their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $55.60.

Truist Financial Trading Down 1.8%

TFC opened at $54.82 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $56.19. The business’s 50 day moving average is $50.38 and its two-hundred day moving average is $46.79. The firm has a market cap of $70.13 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced 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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. On average, research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

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 issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

Truist Financial declared that its Board of Directors has approved a share buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the business’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 value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,660 shares of company stock valued at $1,075,087 over the last quarter. 0.14% of the stock is currently owned by insiders.

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.