Metis Global Partners LLC Cuts Stake in Truist Financial Corporation $TFC

Metis Global Partners LLC cut its stake in Truist Financial Corporation (NYSE:TFC) by 22.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,834 shares of the insurance provider’s stock after selling 12,797 shares during the quarter. Metis Global Partners LLC’s holdings in Truist Financial were worth $2,004,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Smith Thornton Advisors LLC raised its holdings in shares of Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 231 shares during the last quarter. Gries Financial LLC raised its stake in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after purchasing an additional 233 shares during the last quarter. TD Waterhouse Canada Inc. lifted its holdings in Truist Financial by 6.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 237 shares in the last quarter. Salomon & Ludwin LLC boosted its stake in Truist Financial by 1.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after purchasing an additional 239 shares during the last quarter. Finally, CNB Bank boosted its stake in Truist Financial by 5.5% during the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock worth $210,000 after purchasing an additional 239 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other Truist Financial news, 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 transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 21,660 shares of company stock worth $1,075,087. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TFC shares. Raymond James Financial increased their target price on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Argus upped their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Citigroup raised their target price on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. UBS Group set a $55.00 target price on Truist Financial in a report on Tuesday, October 21st. Finally, Keefe, Bruyette & Woods increased their price target on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $55.60.

Truist Financial Stock Down 0.4%

Shares of NYSE TFC opened at $51.86 on Monday. The company has a market capitalization of $66.34 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.88 and a beta of 0.89. 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 50 day simple moving average of $50.86 and a 200-day simple moving average of $47.03. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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). The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its board has approved a stock repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

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.