CIBC Bancorp USA Inc. Purchases Shares of 178,618 Truist Financial Corporation $TFC

CIBC Bancorp USA Inc. bought a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 178,618 shares of the insurance provider’s stock, valued at approximately $8,166,000.

Several other large investors have also recently bought and sold shares of the stock. Brighton Jones LLC grew its stake in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP increased its stake in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Truist Financial during the second quarter worth about $575,000. Empowered Funds LLC boosted its stake in shares of Truist Financial by 20.5% during the 2nd quarter. Empowered Funds LLC now owns 165,271 shares of the insurance provider’s stock worth $7,105,000 after acquiring an additional 28,066 shares during the period. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Truist Financial by 12.2% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,493 shares of the insurance provider’s stock worth $154,000 after acquiring an additional 379 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

Truist Financial Price Performance

TFC stock opened at $44.12 on Friday. The company has a market capitalization of $54.75 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. 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 Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The business has a 50-day simple moving average of $49.94 and a two-hundred day simple moving average of $47.60.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. Research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial’s payout ratio is 54.59%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $56.00 to $69.00 in a research report on Tuesday, February 17th. Finally, TD Cowen increased their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.47.

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.