AlphaQuest LLC Buys 53,345 Shares of Truist Financial Corporation $TFC

AlphaQuest LLC raised its stake in shares of Truist Financial Corporation (NYSE:TFC) by 730.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,649 shares of the insurance provider’s stock after purchasing an additional 53,345 shares during the period. AlphaQuest LLC’s holdings in Truist Financial were worth $2,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of TFC. Aspect Partners LLC increased its position in Truist Financial by 71.5% during 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 last quarter. Valley Wealth Managers Inc. bought a new position in Truist Financial during the 3rd quarter valued at about $28,000. Princeton Global Asset Management LLC bought a new stake in Truist Financial in the second quarter worth about $30,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after buying an additional 678 shares during the period. Finally, Darwin Wealth Management LLC grew its stake in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TFC. Keefe, Bruyette & Woods lifted their price objective 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. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Raymond James Financial boosted their price target on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. UBS Group set a $55.00 target price on shares of Truist Financial in a report on Tuesday, October 21st. Finally, Piper Sandler raised their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $54.20.

Truist Financial Stock Performance

Shares of TFC opened at $51.44 on Friday. The stock has a 50-day moving average of $49.37 and a two-hundred day moving average of $46.36. The stock has a market cap of $65.80 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.67. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 earnings per share. As a group, research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s payout ratio is 54.59%.

Truist Financial announced that its board has approved 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 buy up to 15.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Truist Financial

In related news, CFO Michael Baron Maguire sold 13,000 shares of the firm’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 sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by corporate insiders.

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.