Truist Financial Corporation $TFC Shares Sold by Sound View Wealth Advisors Group LLC

Sound View Wealth Advisors Group LLC reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 47.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,755 shares of the insurance provider’s stock after selling 13,366 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Truist Financial were worth $726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital International Investors grew its position in Truist Financial by 0.3% in the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock valued at $4,921,717,000 after acquiring an additional 346,423 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Truist Financial by 0.9% in 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 purchasing an additional 164,034 shares during the period. Invesco Ltd. boosted its stake in shares of Truist Financial by 6.5% in the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after purchasing an additional 854,826 shares during the period. American Century Companies Inc. increased its stake in Truist Financial by 6.6% during 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 period. Finally, Norges Bank acquired a new position in Truist Financial in the 2nd quarter worth $487,401,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated 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 owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value 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 approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

TFC stock opened at $44.12 on Monday. The stock’s 50 day simple moving average is $49.94 and its 200 day simple moving average is $47.62. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The firm has a market cap of $54.75 billion, a P/E ratio of 11.58, a P/E/G ratio of 0.75 and a beta of 0.87. 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 (NYSE:TFC) last released 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). The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. As a group, equities research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TFC. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Raymond James Financial increased their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target for the company in a research report on Monday, March 9th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

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.