Cambria Investment Management L.P. Acquires New Stake in Truist Financial Corporation $TFC

Cambria Investment Management L.P. acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 204,443 shares of the insurance provider’s stock, valued at approximately $9,347,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the third quarter worth $28,000. Capital A Wealth Management LLC lifted its stake in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares in the last quarter. Darwin Wealth Management LLC lifted its stake in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Ancora Advisors LLC boosted its position in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Truist Financial during the second quarter worth about $36,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $43.88 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average price of $50.21 and a 200 day moving average price of $47.65. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The stock has a market cap of $54.46 billion, a P/E ratio of 11.52, a PEG ratio of 0.76 and a beta of 0.87.

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). The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. Sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its board has approved a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s dividend payout ratio is currently 54.59%.

Analyst Ratings Changes

A number of research firms have commented on TFC. Morgan Stanley upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $56.00 to $69.00 in a report on Tuesday, February 17th. TD Cowen boosted their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Citigroup upped their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.47.

Insider Activity at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction 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 owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% 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, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate 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.