Bailard Inc. Reduces Stock Position in Truist Financial Corporation $TFC

Bailard Inc. trimmed its position in Truist Financial Corporation (NYSE:TFC) by 88.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,212 shares of the insurance provider’s stock after selling 47,767 shares during the quarter. Bailard Inc.’s holdings in Truist Financial were worth $284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP raised its holdings in shares of Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Truist Financial during the second quarter worth $575,000. Patton Fund Management Inc. acquired a new position in Truist Financial during the second quarter valued at $251,000. Finally, Old Port Advisors lifted its position in Truist Financial by 303.7% during the second quarter. Old Port Advisors now owns 20,556 shares of the insurance provider’s stock valued at $884,000 after purchasing an additional 15,464 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Down 1.5%

TFC stock opened at $49.57 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $51.51. The company has a market cap of $63.41 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.84 and a beta of 0.89. 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 firm has a 50-day moving average of $48.75 and a two-hundred day moving average of $46.18.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is 54.59%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TFC. Morgan Stanley increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Evercore ISI raised Truist Financial from a “hold” rating to an “outperform” rating and boosted their price target for the company from $49.00 to $58.00 in a report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods upped their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average target price of $54.20.

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.