Truist Financial Corporation $TFC Stake Reduced by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 21.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,072 shares of the insurance provider’s stock after selling 16,450 shares during the period. Thrivent Financial for Lutherans’ holdings in Truist Financial were worth $2,746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in TFC. Smith Thornton Advisors LLC grew its position in Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after buying an additional 231 shares during the last quarter. Gries Financial LLC boosted its stake in shares of 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 acquiring an additional 233 shares in the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Truist Financial by 6.8% in the 3rd 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 last quarter. Salomon & Ludwin LLC raised its position in shares of Truist Financial by 1.1% during the third quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after purchasing an additional 239 shares during the period. Finally, CNB Bank lifted its holdings in shares of Truist Financial by 5.5% during the third quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock valued at $210,000 after purchasing an additional 239 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 1.8%

NYSE TFC opened at $54.82 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The firm’s fifty day simple moving average is $50.38 and its 200-day simple moving average is $46.79. The company has a market capitalization of $70.13 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its quarterly earnings data 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 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 business posted $0.91 EPS. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared 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 dividend yield of 3.8%. Truist Financial’s payout ratio is presently 54.59%.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TFC. JPMorgan Chase & Co. lifted their price target on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday. Robert W. Baird cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. Citigroup raised their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Eight 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 stock presently has a consensus rating of “Hold” and a consensus target price of $55.60.

Insider Buying and Selling

In other Truist Financial news, 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 value 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 $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the 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 owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 21,660 shares of company stock worth $1,075,087. Insiders own 0.14% of the company’s stock.

Truist Financial 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.