41,436 Shares in Truist Financial Corporation $TFC Purchased by Fox Run Management L.L.C.

Fox Run Management L.L.C. purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, Holdings Channel reports. The fund purchased 41,436 shares of the insurance provider’s stock, valued at approximately $1,894,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Truist Financial by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares during the period. Geode Capital Management LLC lifted its holdings in Truist Financial by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after purchasing an additional 74,728 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Truist Financial by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after buying an additional 164,034 shares during the period. Invesco Ltd. boosted its holdings in shares of Truist Financial by 6.5% during the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after purchasing an additional 854,826 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Truist Financial by 6.6% in the 2nd quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock worth $551,768,000 after buying an additional 793,276 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Argus increased their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Keefe, Bruyette & Woods upped their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Raymond James Financial boosted their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.47.

Truist Financial Stock Performance

Shares of TFC opened at $49.71 on Wednesday. The firm has a market cap of $63.59 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 0.85 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $51.19 and its two-hundred day moving average is $47.44. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last issued 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). The company had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 EPS. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 4.2%. Truist Financial’s payout ratio is presently 54.59%.

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

Insider Transactions at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the 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 owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial 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 completion of the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.14% 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.