Alps Advisors Inc. Lowers Stake in Truist Financial Corporation $TFC

Alps Advisors Inc. lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 10.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,736 shares of the insurance provider’s stock after selling 60,220 shares during the quarter. Alps Advisors Inc.’s holdings in Truist Financial were worth $24,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Smith Thornton Advisors LLC boosted its holdings in Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 231 shares in the last quarter. Gries Financial LLC increased its holdings in shares of Truist Financial by 4.4% during the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 233 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Truist Financial by 6.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 237 shares during the last quarter. Salomon & Ludwin LLC raised its position in shares of Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after purchasing an additional 239 shares during the last quarter. Finally, CNB Bank boosted its stake in Truist Financial by 5.5% in the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock worth $210,000 after purchasing an additional 239 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 1.3%

Shares of TFC opened at $55.86 on Friday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.20. The stock has a market cap of $71.46 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. The firm’s fifty day moving average is $50.21 and its two-hundred day moving average is $46.72. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly 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). 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 business posted $0.91 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Evercore ISI restated an “outperform” rating on shares of Truist Financial in a research note on Thursday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Finally, Argus raised their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus target price of $54.60.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 21,660 shares of company stock worth $1,075,087 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.

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.