Cadence Bank Grows Holdings in Truist Financial Corporation $TFC

Cadence Bank boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 8.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 335,969 shares of the insurance provider’s stock after purchasing an additional 24,745 shares during the period. Truist Financial makes up 0.9% of Cadence Bank’s investment portfolio, making the stock its 23rd largest holding. Cadence Bank’s holdings in Truist Financial were worth $15,361,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TFC. FORA Capital LLC raised its stake in shares of Truist Financial by 9.3% during the third quarter. FORA Capital LLC now owns 25,769 shares of the insurance provider’s stock worth $1,178,000 after purchasing an additional 2,188 shares during the last quarter. Glenmede Investment Management LP grew its position in Truist Financial by 10.5% in the 3rd quarter. Glenmede Investment Management LP now owns 47,718 shares of the insurance provider’s stock valued at $2,182,000 after buying an additional 4,530 shares during the last quarter. Jump Financial LLC increased its stake in Truist Financial by 166.9% in the 3rd quarter. Jump Financial LLC now owns 251,584 shares of the insurance provider’s stock valued at $11,502,000 after buying an additional 157,314 shares during the period. Pathstone Holdings LLC increased its stake in Truist Financial by 11.1% in the 3rd quarter. Pathstone Holdings LLC now owns 182,838 shares of the insurance provider’s stock valued at $8,359,000 after buying an additional 18,328 shares during the period. Finally, BTG Pactual Asset Management US LLC purchased a new position in Truist Financial during the 3rd quarter worth $587,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TFC shares. Citigroup raised their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Weiss Ratings downgraded Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Keefe, Bruyette & Woods raised their price target on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Raymond James Financial lifted their price target on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Finally, Evercore reiterated an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.47.

Truist Financial Stock Performance

NYSE:TFC opened at $43.82 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $54.73 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. The firm has a 50-day moving average price of $50.60 and a two-hundred day moving average price of $47.69. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last announced its 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 company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the company posted $0.91 EPS. Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. As a group, research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.7%. Truist Financial’s payout ratio is 54.59%.

Truist Financial announced that its board has initiated a share repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’s 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 transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial 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 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 0.17% 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.