APG Asset Management N.V. Sells 405,766 Shares of Truist Financial Corporation $TFC

APG Asset Management N.V. lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 34.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 769,663 shares of the insurance provider’s stock after selling 405,766 shares during the quarter. APG Asset Management N.V. owned 0.06% of Truist Financial worth $35,189,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Aspect Partners LLC boosted its position in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the period. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter valued at approximately $28,000. Capital A Wealth Management LLC lifted its position in shares of 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 purchasing an additional 678 shares during the period. Darwin Wealth Management LLC raised its stake in Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Truist Financial during the 2nd quarter worth approximately $36,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Argus lifted their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $47.00 to $56.00 in a report on Monday, January 5th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Finally, TD Cowen lifted their price objective on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Truist Financial Trading Down 4.3%

Shares of NYSE:TFC opened at $49.26 on Monday. The stock has a 50 day moving average of $51.21 and a 200 day moving average of $47.58. The company has a market cap of $61.54 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results 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 business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the business earned $0.91 earnings per share. Truist Financial’s revenue was up 3.6% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. 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 payout ratio is presently 54.59%.

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

Insider Buying and Selling

In other news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 $3,725,811.99. This trade represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.14% of the company’s stock.

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.