American Century Companies Inc. Cuts Position in Truist Financial Corporation $TFC

American Century Companies Inc. cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 10.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,507,232 shares of the insurance provider’s stock after selling 1,327,568 shares during the period. American Century Companies Inc. owned 0.90% of Truist Financial worth $526,111,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Aspect Partners LLC lifted its stake in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the period. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial in the 3rd quarter valued at $28,000. Capital A Wealth Management LLC raised its stake in Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares during the last quarter. Darwin Wealth Management LLC lifted its position in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Truist Financial during the 2nd quarter worth about $36,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Raymond James Financial raised their price target on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Finally, TD Cowen boosted their price objective on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $56.47.

Truist Financial Stock Down 4.3%

Shares of NYSE:TFC opened at $49.26 on Friday. 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 Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. The stock has a market cap of $61.54 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. The firm’s 50 day moving average price is $51.21 and its 200 day moving average price is $47.53.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 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 $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

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

Insiders Place Their Bets

In other Truist Financial 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 sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by company insiders.

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.