Truist Financial Corporation $TFC Holdings Cut by Brookstone Capital Management

Brookstone Capital Management reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 5.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 318,403 shares of the insurance provider’s stock after selling 17,692 shares during the period. Brookstone Capital Management’s holdings in Truist Financial were worth $15,669,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TFC. Wellington Management Group LLP raised its holdings in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Truist Financial by 203.1% during 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 last quarter. Azora Capital LP bought a new stake in Truist Financial in the third quarter worth $115,417,000. Arrowstreet Capital Limited Partnership increased its position in Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Truist Financial by 164.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock worth $105,490,000 after buying an additional 1,433,934 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the 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 directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $44.61 on Tuesday. The stock has a market capitalization of $55.36 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.75 and a beta of 0.87. The firm’s 50-day moving average price is $49.33 and its two-hundred day moving average price is $47.58. 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.

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

Truist Financial declared that its board has authorized a stock repurchase program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TFC shares. Piper Sandler boosted their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Citigroup boosted their target price on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. TD Cowen upped their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group assumed coverage on Truist Financial in a report on Thursday, March 26th. They set an “underperform” rating and a $35.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.13.

Truist Financial Company 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.