Aberdeen Group plc Trims Position in Truist Financial Corporation $TFC

Aberdeen Group plc decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 941,192 shares of the insurance provider’s stock after selling 12,637 shares during the quarter. Aberdeen Group plc owned approximately 0.07% of Truist Financial worth $46,316,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of TFC. Wellington Management Group LLP lifted its holdings in Truist Financial by 13,511.7% in the third 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 during the last quarter. Jennison Associates LLC lifted its stake in shares of Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after purchasing an additional 2,625,847 shares during the last quarter. Azora Capital LP purchased a new position in shares of Truist Financial during the 3rd quarter worth $115,417,000. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Truist Financial by 164.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock worth $105,490,000 after purchasing an additional 1,433,934 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Truist Financial by 71.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock worth $136,065,000 after purchasing an additional 1,323,866 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TFC shares. Argus boosted their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Jefferies Financial Group started coverage on shares of Truist Financial in a report on Thursday, March 26th. They issued an “underperform” rating and a $35.00 target price for the company. TD Cowen boosted their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods upped their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Finally, Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target for the company in a research report on Monday, March 9th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.75.

Insider Buying and Selling at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the company’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 completion of the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.18 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market cap of $58.54 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 0.80 and a beta of 0.89. The stock’s 50-day moving average is $49.09 and its two-hundred day moving average is $47.61. 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 quarterly earnings data 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 company had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

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

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.