Equitable Trust Co. Grows Stock Holdings in Truist Financial Corporation $TFC

Equitable Trust Co. raised its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 48.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,261 shares of the insurance provider’s stock after purchasing an additional 38,850 shares during the quarter. Equitable Trust Co.’s holdings in Truist Financial were worth $5,407,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Alteri Wealth LLC lifted its holdings in shares of Truist Financial by 3.5% in the 3rd quarter. Alteri Wealth LLC now owns 14,577 shares of the insurance provider’s stock valued at $666,000 after acquiring an additional 495 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its position in Truist Financial by 50.7% during the third quarter. Vestmark Advisory Solutions Inc. now owns 16,553 shares of the insurance provider’s stock valued at $757,000 after purchasing an additional 5,568 shares during the period. Bleakley Financial Group LLC lifted its stake in shares of Truist Financial by 15.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 52,029 shares of the insurance provider’s stock valued at $2,379,000 after purchasing an additional 6,837 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Truist Financial by 3.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 38,442 shares of the insurance provider’s stock worth $1,758,000 after purchasing an additional 1,220 shares during the period. Finally, Inspire Trust Co. N.A. increased its position in shares of Truist Financial by 4.6% during the 3rd quarter. Inspire Trust Co. N.A. now owns 113,000 shares of the insurance provider’s stock valued at $5,166,000 after purchasing an additional 5,000 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $52.35 on Monday. The company has a market capitalization of $66.97 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.89 and a beta of 0.89. The company’s 50-day simple moving average is $51.19 and its two-hundred day simple moving average is $47.34. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last posted 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 company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the firm posted $0.91 EPS. The business’s revenue was up 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its board has authorized a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is presently 54.59%.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated 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 owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred 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 sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 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

TFC has been the subject of a number of analyst reports. TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $56.00 to $69.00 in a research note on Tuesday, February 17th. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Hold” and an average target price of $56.47.

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.