Hudson Bay Capital Management LP Invests $646,000 in Truist Financial Corporation $TFC

Hudson Bay Capital Management LP purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 14,140 shares of the insurance provider’s stock, valued at approximately $646,000.

A number of other institutional investors have also recently bought and sold shares of TFC. Norges Bank acquired a new position in shares of Truist Financial in the second quarter worth about $487,401,000. Wellington Management Group LLP lifted its position in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Jennison Associates LLC boosted its stake in Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after purchasing an additional 2,625,847 shares during the period. Azora Capital LP purchased a new position in Truist Financial during the 3rd quarter worth approximately $115,417,000. Finally, Laurel Wealth Advisors LLC grew its position in Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after purchasing an additional 2,280,653 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $44.12 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The business’s 50-day moving average price is $49.94 and its two-hundred day moving average price is $47.62. 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.

Truist Financial (NYSE:TFC) last announced its quarterly 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). The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its Board of Directors has approved a share buyback 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 buy up to 15.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Truist Financial Dividend Announcement

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

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction on Monday, January 26th. The shares were 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. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. TD Cowen upped their price target on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 12th. Finally, JPMorgan Chase & Co. upped their target price on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

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.