Cane Capital Partners LLC Makes New Investment in Truist Financial Corporation $TFC

Cane Capital Partners LLC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 17,384 shares of the insurance provider’s stock, valued at approximately $855,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. MBL Wealth LLC increased its stake in Truist Financial by 45.8% during the 4th quarter. MBL Wealth LLC now owns 15,753 shares of the insurance provider’s stock worth $775,000 after acquiring an additional 4,947 shares during the period. South Shore Capital Advisors bought a new position in Truist Financial during the 4th quarter worth $521,000. Raleigh Capital Management Inc. increased its stake in Truist Financial by 0.8% during the 4th quarter. Raleigh Capital Management Inc. now owns 45,312 shares of the insurance provider’s stock worth $2,230,000 after acquiring an additional 347 shares during the period. Mason & Associates LLC bought a new position in Truist Financial during the 4th quarter worth $499,000. Finally, First United Bank & Trust increased its stake in Truist Financial by 68.2% during the 4th quarter. First United Bank & Trust now owns 12,843 shares of the insurance provider’s stock worth $632,000 after acquiring an additional 5,206 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.4%

Shares of TFC opened at $47.85 on Wednesday. Truist Financial Corporation has a 52-week low of $33.82 and a 52-week high of $56.19. The business’s fifty day moving average is $48.98 and its 200-day moving average is $47.65. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $59.38 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.80 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued 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). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has authorized a stock buyback plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Insider Buying and Selling at Truist Financial

In related news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 value of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on TFC. Morgan Stanley lowered their price objective on Truist Financial from $69.00 to $63.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Jefferies Financial Group began coverage on Truist Financial in a research note on Thursday, March 26th. They issued an “underperform” rating and a $35.00 price target on the stock. Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Finally, Piper Sandler lifted their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Nine 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, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $54.41.

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.