E. Ohman J or Asset Management AB Cuts Position in Truist Financial Corporation $TFC

E. Ohman J or Asset Management AB cut its position in Truist Financial Corporation (NYSE:TFC) by 39.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,981 shares of the insurance provider’s stock after selling 19,903 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Truist Financial were worth $1,525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Salem Investment Counselors Inc. lifted its stake in Truist Financial by 0.7% during the 4th quarter. Salem Investment Counselors Inc. now owns 274,601 shares of the insurance provider’s stock worth $13,513,000 after acquiring an additional 1,904 shares in the last quarter. Silverlake Wealth Management LLC grew its position in Truist Financial by 7.9% in the 4th quarter. Silverlake Wealth Management LLC now owns 7,113 shares of the insurance provider’s stock valued at $350,000 after acquiring an additional 518 shares in the last quarter. Capital Asset Advisory Services LLC increased its stake in Truist Financial by 1.2% during the fourth quarter. Capital Asset Advisory Services LLC now owns 20,764 shares of the insurance provider’s stock worth $1,063,000 after purchasing an additional 238 shares during the period. Assenagon Asset Management S.A. increased its stake in Truist Financial by 75.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,340,770 shares of the insurance provider’s stock worth $115,189,000 after purchasing an additional 1,004,274 shares during the period. Finally, Park Place Capital Corp lifted its holdings in Truist Financial by 2.7% during the 4th quarter. Park Place Capital Corp now owns 10,889 shares of the insurance provider’s stock worth $536,000 after buying an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, 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. 0.15% of the stock is currently owned by insiders.

Truist Financial Trading Up 1.0%

NYSE:TFC opened at $45.29 on Wednesday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The stock has a market cap of $56.21 billion, a P/E ratio of 11.89, a P/E/G ratio of 0.76 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. The stock has a 50-day simple moving average of $49.75 and a 200-day simple moving average of $47.59.

Truist Financial (NYSE:TFC) last issued its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. As a group, analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

Analysts Set New Price Targets

A number of research firms recently issued reports on TFC. Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, March 12th. Argus lifted their price objective on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Raymond James Financial boosted their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Piper Sandler raised their target price 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. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.47.

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.