12,402 Shares in Truist Financial Corporation $TFC Purchased by CenterBook Partners LP

CenterBook Partners LP bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 12,402 shares of the insurance provider’s stock, valued at approximately $567,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the third quarter worth $28,000. Aspect Partners LLC boosted its position in Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the period. Darwin Wealth Management LLC grew its stake in Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Capital A Wealth Management LLC increased its position in shares of 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 worth $32,000 after acquiring an additional 678 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $36,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Up 1.1%

NYSE TFC opened at $52.35 on Friday. The stock has a market cap of $66.97 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.89 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 12-month low of $33.56 and a 12-month high of $56.19. The company has a fifty day simple moving average of $51.19 and a two-hundred day simple moving average of $47.31.

Truist Financial (NYSE:TFC) last released 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 firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the company earned $0.91 earnings per share. Truist Financial’s revenue was up 3.6% on a year-over-year basis. On average, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

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. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is currently 54.59%.

Truist Financial announced that its board has approved 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 purchase 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.

Analysts Set New Price Targets

Several brokerages recently issued reports on TFC. Evercore reissued an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. 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 research note on Thursday, January 22nd. Piper Sandler boosted their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Keefe, Bruyette & Woods increased 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 note on Wednesday, December 17th. Finally, Argus lifted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.47.

Insider Buying and Selling

In related news, CFO Michael Baron Maguire sold 13,000 shares of the 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 in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 21,660 shares of company stock worth $1,075,087. 0.17% of the stock is owned by company insiders.

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.