Hudson Bay Capital Management LP Takes Position in Truist Financial Corporation $TFC

Hudson Bay Capital Management LP acquired a new position in Truist Financial Corporation (NYSE:TFC) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 14,140 shares of the insurance provider’s stock, valued at approximately $646,000.

Other large investors have also modified their holdings of the company. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the third quarter worth about $28,000. Ancora Advisors LLC boosted its stake in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the period. Darwin Wealth Management LLC grew 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 valued at $32,000 after buying an additional 600 shares during the last quarter. Capital A Wealth Management LLC increased its position in 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 worth $32,000 after buying an additional 678 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter worth approximately $36,000. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TFC shares. TD Cowen increased their price objective on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Argus raised 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. Citigroup boosted their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. Finally, Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Insider Transactions at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company’s stock.

Truist Financial Trading Up 0.5%

Shares of TFC opened at $44.12 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market cap of $54.75 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 0.75 and a beta of 0.87. The stock has a fifty day moving average price of $49.94 and a two-hundred day moving average price of $47.62. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.7%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Truist Financial declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are usually a sign 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.