Assetmark Inc. Purchases 62,660 Shares of Truist Financial Corporation $TFC

Assetmark Inc. grew its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 30.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 266,870 shares of the insurance provider’s stock after purchasing an additional 62,660 shares during the period. Assetmark Inc.’s holdings in Truist Financial were worth $12,201,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Norges Bank purchased a new position in shares of Truist Financial during the second quarter worth $487,401,000. Jennison Associates LLC raised its holdings in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after acquiring an additional 2,625,847 shares during the period. Laurel Wealth Advisors LLC grew its position in Truist Financial by 4,121.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after acquiring an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Truist Financial by 811.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after purchasing an additional 1,796,884 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Truist Financial by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after acquiring an additional 1,529,478 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Down 0.4%

Shares of NYSE:TFC opened at $51.86 on Monday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. 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. The company’s 50-day moving average price is $50.86 and its 200 day moving average price is $47.03. 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 (NYSE:TFC) last posted its quarterly earnings data 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 return on equity of 9.03% and a net margin of 17.09%.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 company earned $0.91 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current 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 given 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 is 54.59%.

Truist Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TFC. Evercore raised their target price on shares of Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Keefe, Bruyette & Woods increased their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Finally, Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.60.

Insider Buying and Selling

In other news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 21,660 shares of company stock valued at $1,075,087. Company insiders own 0.14% of the company’s stock.

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.