Caprock Group LLC Makes New $2.04 Million Investment in Truist Financial Corporation $TFC

Caprock Group LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 43,125 shares of the insurance provider’s stock, valued at approximately $2,042,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Smith Thornton Advisors LLC lifted its holdings in Truist Financial by 4.1% during the 3rd 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 raised its position 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. raised its position in shares of Truist Financial by 6.8% during 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 in the last quarter. Salomon & Ludwin LLC lifted its stake in 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 last quarter. Finally, CNB Bank boosted its holdings in Truist Financial by 5.5% in 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 in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% 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. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Down 0.4%

TFC opened at $51.86 on Friday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $56.19. The business has a 50 day moving average price of $50.86 and a two-hundred day moving average price of $46.99. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The company has a market cap of $66.34 billion, a PE ratio of 13.61, a P/E/G ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released 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 net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $5.25 billion during 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 for the quarter was up 3.6% on a year-over-year basis. As a group, research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Analysts Set New Price Targets

A number of analysts have weighed in on TFC shares. Evercore ISI reissued an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Evercore lifted their price target on shares of Truist Financial from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. UBS Group set a $55.00 price objective on Truist Financial in a report on Tuesday, October 21st. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Piper Sandler upped their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Eight investment 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 MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.60.

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.