Truist Financial Corporation $TFC Shares Sold by Choreo LLC

Choreo LLC cut its holdings in Truist Financial Corporation (NYSE:TFC) by 65.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,343 shares of the insurance provider’s stock after selling 68,488 shares during the quarter. Choreo LLC’s holdings in Truist Financial were worth $1,662,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Independent Advisor Alliance raised its position in shares of Truist Financial by 9.7% in the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after buying an additional 29,191 shares during the last quarter. Cullen Capital Management LLC grew its stake in Truist Financial by 10.3% in the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after acquiring an additional 427,067 shares during the period. Brookstone Capital Management raised its holdings in Truist Financial by 12.3% in the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock valued at $15,366,000 after acquiring an additional 36,916 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after purchasing an additional 10,706 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Truist Financial by 18.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after purchasing an additional 26,530 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TFC. Raymond James Financial upped their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Piper Sandler lifted their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Evercore reiterated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Argus boosted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’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 completion of the transaction, the chief financial officer owned 74,323 shares in the company, valued at approximately $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. Corporate insiders own 0.14% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $49.26 on Monday. The business’s 50-day simple moving average is $51.21 and its 200 day simple moving average is $47.58. The company has a market cap of $61.54 billion, a P/E ratio of 12.93, a PEG ratio of 0.84 and a beta of 0.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) 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 firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the business earned $0.91 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial declared that its Board of Directors has approved a stock 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 reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.