Empirical Finance LLC Trims Position in Truist Financial Co. (NYSE:TFC)

Empirical Finance LLC reduced its position in Truist Financial Co. (NYSE:TFC) by 1.3% in the 4th quarter, Holdings Channel reports. The fund owned 45,104 shares of the insurance provider’s stock after selling 587 shares during the period. Empirical Finance LLC’s holdings in Truist Financial were worth $1,957,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Kingsview Wealth Management LLC increased its stake in Truist Financial by 0.6% in the fourth quarter. Kingsview Wealth Management LLC now owns 155,289 shares of the insurance provider’s stock valued at $6,736,000 after purchasing an additional 947 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in Truist Financial by 10.9% in the 4th quarter. Apollon Wealth Management LLC now owns 54,502 shares of the insurance provider’s stock valued at $2,364,000 after buying an additional 5,345 shares during the period. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Truist Financial by 0.9% during the 4th quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 416,364 shares of the insurance provider’s stock valued at $18,062,000 after acquiring an additional 3,735 shares during the last quarter. Shepherd Financial Partners LLC lifted its holdings in shares of Truist Financial by 3.2% during the 4th quarter. Shepherd Financial Partners LLC now owns 10,477 shares of the insurance provider’s stock worth $454,000 after acquiring an additional 321 shares during the period. Finally, Lecap Asset Management Ltd. boosted its position in shares of Truist Financial by 2.7% in the fourth quarter. Lecap Asset Management Ltd. now owns 28,912 shares of the insurance provider’s stock worth $1,254,000 after acquiring an additional 768 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.68 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The business has a 50 day moving average price of $45.53 and a two-hundred day moving average price of $44.26. The firm has a market cap of $63.30 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 3.98 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. Truist Financial’s payout ratio is 62.46%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TFC. UBS Group increased their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Raymond James increased their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Finally, Citigroup boosted their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.