Cramer Rosenthal Mcglynn LLC Sells 25,868 Shares of Truist Financial Corporation $TFC

Cramer Rosenthal Mcglynn LLC trimmed its stake in Truist Financial Corporation (NYSE:TFC) by 8.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,929 shares of the insurance provider’s stock after selling 25,868 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in Truist Financial were worth $12,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TFC. Brighton Jones LLC raised its holdings in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP grew its position in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in Truist Financial during the second quarter worth $575,000. Hantz Financial Services Inc. lifted its holdings in shares of Truist Financial by 697.1% during the second quarter. Hantz Financial Services Inc. now owns 1,092 shares of the insurance provider’s stock valued at $47,000 after acquiring an additional 955 shares during the period. Finally, Simmons Bank lifted its holdings in shares of Truist Financial by 4.6% during the second quarter. Simmons Bank now owns 60,851 shares of the insurance provider’s stock valued at $2,616,000 after acquiring an additional 2,699 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 25th. 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 research note on Thursday, January 22nd. Piper Sandler increased their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $56.47.

Truist Financial Stock Performance

TFC stock opened at $48.49 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. 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 company has a market cap of $60.57 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87. The business’s fifty day moving average is $51.09 and its 200-day moving average is $47.66.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 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 $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the firm earned $0.91 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. Truist Financial’s payout ratio is 54.59%.

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

Insider Buying and Selling at Truist Financial

In other Truist Financial news, 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 transaction of $183,715.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company 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.