Capital Investment Counsel Inc Has $1.45 Million Stake in Truist Financial Corporation $TFC

Capital Investment Counsel Inc trimmed its stake in Truist Financial Corporation (NYSE:TFC) by 34.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,673 shares of the insurance provider’s stock after selling 16,593 shares during the period. Capital Investment Counsel Inc’s holdings in Truist Financial were worth $1,448,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Patten & Patten Inc. TN grew its holdings in shares of Truist Financial by 3.1% in the 3rd quarter. Patten & Patten Inc. TN now owns 104,238 shares of the insurance provider’s stock worth $4,766,000 after purchasing an additional 3,111 shares during the last quarter. Sagespring Wealth Partners LLC boosted its position in Truist Financial by 8.0% in the third quarter. Sagespring Wealth Partners LLC now owns 23,541 shares of the insurance provider’s stock valued at $1,076,000 after buying an additional 1,735 shares in the last quarter. PFG Investments LLC grew its stake in Truist Financial by 25.2% during the third quarter. PFG Investments LLC now owns 20,892 shares of the insurance provider’s stock worth $955,000 after buying an additional 4,204 shares during the last quarter. Symphony Financial Ltd. Co. increased its holdings in shares of Truist Financial by 8.9% during the third quarter. Symphony Financial Ltd. Co. now owns 27,268 shares of the insurance provider’s stock worth $1,232,000 after buying an additional 2,238 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in shares of Truist Financial by 27.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,910 shares of the insurance provider’s stock worth $3,379,000 after buying an additional 16,131 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $49.57 on Friday. The firm 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. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $51.51. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $48.75 and a 200 day moving average price of $46.18.

Truist Financial (NYSE:TFC) last issued its earnings results 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 business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the business posted $0.91 EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has approved a share repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase 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 Dividend Announcement

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

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction 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 completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research analyst reports. Piper Sandler increased their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.