Michael Baron Maguire Sells 13,000 Shares of Truist Financial (NYSE:TFC) Stock

Truist Financial Corporation (NYSE:TFC) CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Truist Financial Stock Performance

NYSE:TFC opened at $51.26 on Friday. The stock has a 50-day moving average price of $49.25 and a 200 day moving average price of $46.32. The stock has a market capitalization of $65.58 billion, a P/E ratio of 13.45, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $51.51. 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 (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is currently 54.59%.

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

Hedge Funds Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently modified their holdings of TFC. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the third quarter worth $28,000. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares during the period. Maseco LLP lifted its holdings in shares of Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the period. Finally, Ancora Advisors LLC grew its holdings in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of several research reports. TD Cowen increased their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Raymond James Financial upped their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $54.20.

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.