Wealthfront Advisers LLC Reduces Stock Position in Truist Financial Corporation $TFC

Wealthfront Advisers LLC lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 4.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 242,093 shares of the insurance provider’s stock after selling 11,143 shares during the quarter. Wealthfront Advisers LLC’s holdings in Truist Financial were worth $11,068,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Independent Advisor Alliance raised its position in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after acquiring an additional 29,191 shares in the last quarter. Cullen Capital Management LLC grew its position in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after purchasing an additional 427,067 shares during the period. Brookstone Capital Management increased its stake in Truist Financial by 12.3% during the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after buying an additional 36,916 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in Truist Financial by 2.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after purchasing an additional 10,706 shares during the last quarter. Finally, Raleigh Capital Management Inc. lifted its stake in shares of Truist Financial by 26.9% in the third quarter. Raleigh Capital Management Inc. now owns 44,965 shares of the insurance provider’s stock worth $2,056,000 after buying an additional 9,535 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TFC shares. Evercore ISI reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Argus boosted their price objective on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods raised their target price 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. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $55.60.

Insider Transactions at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, 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. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of 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 disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 21,660 shares of company stock valued at $1,075,087. Corporate insiders own 0.14% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $55.09 on Wednesday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The stock has a market capitalization of $70.47 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.93 and a beta of 0.89. The company has a 50-day simple moving average of $50.55 and a 200-day simple moving average of $46.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 EPS. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. Truist Financial’s dividend payout ratio is presently 54.59%.

Truist Financial announced that its board has initiated a stock 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 purchase up to 15.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.