Oppenheimer Asset Management Inc. Increases Holdings in Truist Financial Corporation $TFC

Oppenheimer Asset Management Inc. boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 2.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 421,809 shares of the insurance provider’s stock after purchasing an additional 10,706 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Truist Financial were worth $19,285,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Aspect Partners LLC boosted its stake in 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 in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the third quarter worth about $28,000. Princeton Global Asset Management LLC purchased a new stake in shares of Truist Financial in the 2nd quarter valued at about $30,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Finally, Darwin Wealth Management LLC grew its stake 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 buying an additional 600 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was 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 of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 74,323 shares in the company, valued at $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 ninety days, insiders sold 21,660 shares of company stock worth $1,075,087. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TFC shares. TD Cowen lifted their target price 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. Evercore ISI reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday. UBS Group set a $55.00 target price on shares of Truist Financial in a report on Tuesday, October 21st. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.60.

Truist Financial Stock Performance

NYSE TFC opened at $55.86 on Monday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.20. The company has a market capitalization of $71.46 billion, a P/E ratio of 14.66, a PEG ratio of 0.94 and a beta of 0.89. The business has a 50 day moving average price of $50.21 and a 200 day moving average price of $46.73. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share 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 $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

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

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.7%. Truist Financial’s payout ratio is currently 54.59%.

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.