Quantbot Technologies LP Lowers Stock Holdings in Truist Financial Corporation $TFC

Quantbot Technologies LP lowered its position in shares of Truist Financial Corporation (NYSE:TFC) by 37.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,262 shares of the insurance provider’s stock after selling 31,817 shares during the period. Quantbot Technologies LP’s holdings in Truist Financial were worth $2,435,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Leisure Capital Management raised its holdings in shares of Truist Financial by 1.2% during the 3rd quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after buying an additional 230 shares in the last quarter. Smith Thornton Advisors LLC boosted its stake in Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after buying an additional 231 shares in the last quarter. Gries Financial LLC grew its position in Truist Financial by 4.4% during the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 233 shares during the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Truist Financial by 6.8% during the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock worth $170,000 after acquiring an additional 237 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in shares of Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after acquiring an additional 239 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $49.32 on Wednesday. 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 market cap of $61.61 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.19. The company has a 50-day moving average price of $51.17 and a 200-day moving average price of $47.64.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) 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 business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Truist Financial announced that its board has authorized a stock buyback 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 repurchase up to 15.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on TFC. Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $56.00 to $69.00 in a report on Tuesday, February 17th. Piper Sandler upped their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Raymond James Financial lifted their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.47.

Insider Buying and Selling at Truist Financial

In related news, 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 sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.14% of the company’s stock.

Truist Financial 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.