Ossiam Boosts Stake in Truist Financial Corporation $TFC

Ossiam grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 697.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 294,525 shares of the insurance provider’s stock after acquiring an additional 257,603 shares during the quarter. Ossiam’s holdings in Truist Financial were worth $13,466,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. iSAM Funds UK Ltd purchased a new stake in Truist Financial during the third quarter valued at $4,752,000. Wellington Management Group LLP grew its stake in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares in the last quarter. NorthRock Partners LLC grew its stake in shares of Truist Financial by 9.0% in the 3rd quarter. NorthRock Partners LLC now owns 16,385 shares of the insurance provider’s stock worth $749,000 after buying an additional 1,347 shares in the last quarter. Prudential PLC increased its holdings in shares of Truist Financial by 2.0% in the 3rd quarter. Prudential PLC now owns 30,858 shares of the insurance provider’s stock worth $1,411,000 after buying an additional 613 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc raised its position in shares of Truist Financial by 169.3% during the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 15,659 shares of the insurance provider’s stock valued at $716,000 after buying an additional 9,845 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TFC shares. Weiss Ratings downgraded shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Citigroup increased their target price on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Finally, Piper Sandler lifted 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. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.47.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $43.82 on Friday. The firm’s 50 day simple moving average is $50.60 and its 200-day simple moving average is $47.69. The firm has a market cap of $54.73 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last issued its 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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

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

Insiders Place Their Bets

In related news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% 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.