King Luther Capital Management Corp Purchases 115,809 Shares of Truist Financial Corporation $TFC

King Luther Capital Management Corp grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 94.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 238,788 shares of the insurance provider’s stock after buying an additional 115,809 shares during the quarter. King Luther Capital Management Corp’s holdings in Truist Financial were worth $10,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Aspect Partners LLC increased its position in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the period. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the 3rd quarter valued at about $28,000. Capital A Wealth Management LLC grew its position in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares in the last quarter. Darwin Wealth Management LLC increased its holdings in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $36,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Raymond James Financial raised their target price on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $56.47.

Insider Buying and Selling

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value 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 represents a 83.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction dated Monday, January 26th. The shares were 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 owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,660 shares of company stock worth $1,075,087 in the last 90 days. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Down 1.8%

Shares of NYSE TFC opened at $51.76 on Friday. The company has a market cap of $66.21 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.89 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.19. The stock has a 50-day moving average price of $51.14 and a two-hundred day moving average price of $47.22.

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 the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. As a group, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

About Truist Financial

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.