Vinva Investment Management Ltd Has $26.09 Million Holdings in Truist Financial Corporation $TFC

Vinva Investment Management Ltd grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 159.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 568,169 shares of the insurance provider’s stock after acquiring an additional 348,917 shares during the quarter. Vinva Investment Management Ltd’s holdings in Truist Financial were worth $26,090,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of TFC. Norges Bank acquired a new stake in Truist Financial in the 2nd quarter valued at $487,401,000. Jennison Associates LLC increased its stake in Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after purchasing an additional 2,625,847 shares in the last quarter. Laurel Wealth Advisors LLC raised its holdings in Truist Financial by 4,121.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after buying an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC stock opened at $46.40 on Friday. The firm has a 50-day moving average of $51.01 and a 200-day moving average of $47.70. The company has a market cap of $57.96 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.79 and a beta of 0.87. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly 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 $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial announced that its board has approved a share buyback program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently commented on TFC. JPMorgan Chase & Co. boosted their target price on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Piper Sandler raised 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. Keefe, Bruyette & Woods lifted their price target 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. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, TD Cowen increased their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.47.

Insider Buying and Selling

In related news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The stock was 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 approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction on Monday, January 26th. The stock was 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 directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by insiders.

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.