Truist Financial Corporation $TFC Shares Sold by Aberdeen Group plc

Aberdeen Group plc reduced its position in shares of Truist Financial Corporation (NYSE:TFC) by 11.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 953,829 shares of the insurance provider’s stock after selling 127,296 shares during the quarter. Aberdeen Group plc owned about 0.07% of Truist Financial worth $42,870,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial in the third quarter worth approximately $28,000. Princeton Global Asset Management LLC acquired a new position in Truist Financial in the second quarter worth approximately $30,000. Capital A Wealth Management LLC raised its position in Truist Financial by 1,189.5% during 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 in the last quarter. Finally, Darwin Wealth Management LLC lifted its stake in Truist Financial by 631.6% in 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. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 21,660 shares of company stock worth $1,075,087. Corporate insiders own 0.14% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $51.86 on Tuesday. The stock has a market capitalization of $66.34 billion, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 0.88 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. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The firm has a 50 day moving average of $50.94 and a 200-day moving average of $47.08.

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

Truist Financial announced that its board has initiated a stock repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding 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 generally an indication that the company’s board believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis 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 currently 54.59%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TFC shares. TD Cowen upped their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Raymond James Financial boosted their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. UBS Group set a $55.00 price objective on Truist Financial in a research note on Tuesday, October 21st. Finally, The Goldman Sachs Group restated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.60.

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.