Howe & Rusling Inc. Buys New Shares in Truist Financial Corporation $TFC

Howe & Rusling Inc. bought a new position in Truist Financial Corporation (NYSE:TFC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 11,251 shares of the insurance provider’s stock, valued at approximately $514,000.

Several other large investors have also added to or reduced their stakes in the company. Independent Advisor Alliance increased its stake in shares of Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after purchasing an additional 29,191 shares in the last quarter. Brookstone Capital Management boosted its holdings in Truist Financial by 12.3% in the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after buying an additional 36,916 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in Truist Financial by 26.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 44,965 shares of the insurance provider’s stock worth $2,056,000 after buying an additional 9,535 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Truist Financial by 13.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,652,406 shares of the insurance provider’s stock worth $76,039,000 after buying an additional 201,807 shares in the last quarter. Finally, Pinnacle Financial Partners Inc raised its holdings in shares of Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after acquiring an additional 40,393 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the company’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 transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 21,660 shares of company stock worth $1,075,087. 0.17% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of TFC stock opened at $55.17 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 capitalization of $70.58 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 0.93 and a beta of 0.89. The firm’s 50-day moving average is $50.02 and its two-hundred day moving average is $46.63. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $55.74.

Truist Financial (NYSE:TFC) last announced 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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the business earned $0.91 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

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

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

Wall Street Analyst Weigh In

Several analysts recently commented on TFC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. TD Cowen upped their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, UBS Group set a $55.00 price objective on shares of Truist Financial in a research note on Tuesday, October 21st. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $54.60.

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.