Truist Financial Corporation $TFC Shares Sold by Alps Advisors Inc.

Alps Advisors Inc. lowered its stake in Truist Financial Corporation (NYSE:TFC) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,736 shares of the insurance provider’s stock after selling 60,220 shares during the period. Alps Advisors Inc.’s holdings in Truist Financial were worth $24,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the third quarter worth approximately $28,000. Aspect Partners LLC grew its holdings in Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares in the last quarter. Darwin Wealth Management LLC grew its holdings in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC lifted its position in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TFC. Citigroup raised their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Evercore ISI reiterated an “outperform” rating on shares of Truist Financial in a report on Thursday. UBS Group set a $55.00 target price on Truist Financial in a research note on Tuesday, October 21st. Evercore upped their price target on Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Raymond James Financial increased their price target on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $54.60.

Truist Financial Trading Up 1.3%

TFC opened at $55.86 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $56.20. The business’s 50 day moving average is $50.21 and its two-hundred day moving average is $46.72. The firm has a market cap of $71.46 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released 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 company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the business earned $0.91 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

Truist Financial declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 21,660 shares of company stock valued at $1,075,087. Corporate insiders own 0.17% of the company’s stock.

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.