ABN Amro Investment Solutions Sells 30,828 Shares of Truist Financial Corporation $TFC

ABN Amro Investment Solutions reduced its holdings in Truist Financial Corporation (NYSE:TFC) by 27.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 80,435 shares of the insurance provider’s stock after selling 30,828 shares during the period. ABN Amro Investment Solutions’ holdings in Truist Financial were worth $3,677,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

TFC has been the subject of several recent analyst reports. Raymond James Financial lifted their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Morgan Stanley lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. 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, Evercore boosted their target price on Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.60.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 21,660 shares of company stock valued at $1,075,087. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of TFC stock opened at $51.86 on Monday. The company has a market capitalization of $66.34 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.88 and a beta of 0.89. The company’s 50-day simple moving average is $50.86 and its two-hundred day simple moving average is $47.03. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. 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 quarterly 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 company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the firm posted $0.91 EPS. The business’s revenue was up 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders 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 is Friday, February 13th. Truist Financial’s dividend payout ratio is currently 54.59%.

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

Truist Financial Company 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.