CenterBook Partners LP Invests $567,000 in Truist Financial Corporation $TFC

CenterBook Partners LP bought a new stake in Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 12,402 shares of the insurance provider’s stock, valued at approximately $567,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Aspect Partners LLC increased its holdings 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 buying an additional 268 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the 3rd quarter valued at about $28,000. Capital A Wealth Management LLC increased its stake 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 in the last quarter. Darwin Wealth Management LLC raised its holdings in 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. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in Truist Financial during the second quarter worth approximately $36,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $69.00 in a report on Tuesday, February 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Finally, Argus upped their price target on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $56.47.

Truist Financial Stock Up 1.1%

Shares of NYSE TFC opened at $52.35 on Friday. The stock has a market cap of $66.97 billion, a PE ratio of 13.74, a P/E/G ratio of 0.89 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The company has a 50-day moving average of $51.19 and a 200 day moving average of $47.31.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS 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 during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the business posted $0.91 EPS. Truist Financial’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. 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 payout ratio is currently 54.59%.

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

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of the 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 completion of the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 21,660 shares of company stock valued at $1,075,087. 0.17% of the stock is currently owned by insiders.

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.