Bank of Montreal Can Sells 109,720 Shares of Truist Financial Corporation $TFC

Bank of Montreal Can reduced its position in Truist Financial Corporation (NYSE:TFC) by 3.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,917,101 shares of the insurance provider’s stock after selling 109,720 shares during the period. Bank of Montreal Can owned about 0.23% of Truist Financial worth $133,370,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aprio Wealth Management LLC lifted its position in shares of Truist Financial by 2.7% in the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after buying an additional 226 shares during the last quarter. Leisure Capital Management boosted its stake in shares of Truist Financial by 1.2% during the 3rd quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock worth $914,000 after acquiring an additional 230 shares during the period. Smith Thornton Advisors LLC increased its holdings in shares of Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 231 shares during the last quarter. Gries Financial LLC raised its stake in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 233 shares during the period. Finally, TD Waterhouse Canada Inc. raised its stake in Truist Financial by 6.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after acquiring an additional 237 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.2%

Shares of Truist Financial stock opened at $46.64 on Wednesday. The firm has a 50-day moving average of $50.89 and a 200-day moving average of $47.74. The stock has a market cap of $58.26 billion, a PE ratio of 12.24, a PEG ratio of 0.79 and a beta of 0.87. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. 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 (NYSE:TFC) last released its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 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 business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the company posted $0.91 earnings per share. The company’s revenue was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

Insider Activity at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Raymond James Financial increased their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 target price for the company in a report on Monday. Citigroup upped their price target on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Finally, Piper Sandler increased their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” 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.