Fox Run Management L.L.C. Buys New Shares in Truist Financial Corporation $TFC

Fox Run Management L.L.C. bought a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 41,436 shares of the insurance provider’s stock, valued at approximately $1,894,000.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Truist Financial during the second quarter worth approximately $487,401,000. Jennison Associates LLC grew its holdings in 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 in the last quarter. Laurel Wealth Advisors LLC increased its position in shares of Truist Financial by 4,121.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after purchasing an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Truist Financial by 811.0% in the 2nd 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 in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 1,529,478 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.14% of the company’s stock.

Truist Financial Trading Down 0.8%

NYSE:TFC opened at $49.71 on Wednesday. The company has a market capitalization of $63.59 billion, a PE ratio of 13.05, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The stock’s 50 day moving average price is $51.19 and its 200 day moving average price is $47.44. 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 issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. On average, research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

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

Truist Financial Dividend Announcement

The firm 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 dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio is currently 54.59%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $47.00 to $56.00 in a report on Monday, January 5th. JPMorgan Chase & Co. raised their target price on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Piper Sandler boosted their target price on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Finally, TD Cowen raised their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently 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.