LSV Asset Management Sells 56,400 Shares of Truist Financial Corporation $TFC

LSV Asset Management reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,102,800 shares of the insurance provider’s stock after selling 56,400 shares during the quarter. LSV Asset Management owned 0.09% of Truist Financial worth $50,420,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Aspect Partners LLC lifted its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the 3rd quarter valued at approximately $28,000. Princeton Global Asset Management LLC acquired a new position in Truist Financial during the 2nd quarter worth approximately $30,000. Capital A Wealth Management LLC increased its position in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares in the last quarter. Finally, Darwin Wealth Management LLC lifted its stake 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 purchasing an additional 600 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on 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 in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 21,660 shares of company stock valued at $1,075,087 over the last quarter. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $51.86 on Friday. The business has a 50-day moving average of $50.86 and a 200-day moving average of $46.99. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $66.34 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given 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 is 54.59%.

Analyst Ratings Changes

TFC has been the topic of a number of research reports. UBS Group set a $55.00 target price on shares of Truist Financial in a research note on Tuesday, October 21st. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Citigroup upped their price objective on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently 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.