Freemont Management S.A. Decreases Stake in Truist Financial Corporation $TFC

Freemont Management S.A. lessened its stake in shares of Truist Financial Corporation (NYSE:TFC) by 88.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,100 shares of the insurance provider’s stock after selling 165,400 shares during the quarter. Freemont Management S.A.’s holdings in Truist Financial were worth $1,010,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Independent Advisor Alliance increased its holdings in Truist Financial by 9.7% during the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares during the period. Cullen Capital Management LLC grew its position in shares of Truist Financial by 10.3% in the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after buying an additional 427,067 shares during the last quarter. Brookstone Capital Management increased its stake in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock valued at $15,366,000 after buying an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after acquiring an additional 10,706 shares in the last quarter. Finally, Versor Investments LP lifted its stake in Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after acquiring an additional 9,800 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

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 directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s 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 sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 in the last quarter. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $52.06 on Friday. 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 firm has a 50 day moving average price of $50.77 and a 200-day moving average price of $46.94. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The firm has a market capitalization of $66.59 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.92 and a beta of 0.89.

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 company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 EPS. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. 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 shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $55.60.

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.