AlphaQuest LLC Buys 53,345 Shares of Truist Financial Corporation $TFC

AlphaQuest LLC lifted its stake in Truist Financial Corporation (NYSE:TFC) by 730.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,649 shares of the insurance provider’s stock after acquiring an additional 53,345 shares during the quarter. AlphaQuest LLC’s holdings in Truist Financial were worth $2,773,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at $28,000. Aspect Partners LLC grew its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the period. Darwin Wealth Management LLC increased its position in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Princeton Global Asset Management LLC purchased a new stake in Truist Financial during the second quarter valued at $30,000. Finally, Capital A Wealth Management LLC lifted its holdings in Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 678 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 0.2%

Shares of TFC stock opened at $51.44 on Friday. 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 fifty day simple moving average of $49.37 and a two-hundred day simple moving average of $46.36. The firm has a market capitalization of $65.80 billion, a PE ratio of 13.50, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.67.

Truist Financial (NYSE:TFC) last posted its quarterly 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 return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of a number of recent research reports. Raymond James Financial boosted 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. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and upped their price objective for the stock from $49.00 to $58.00 in a research note on Tuesday, January 6th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.