NTV Asset Management LLC Reduces Position in Truist Financial Corporation $TFC

NTV Asset Management LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 14.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 141,189 shares of the insurance provider’s stock after selling 23,063 shares during the period. NTV Asset Management LLC’s holdings in Truist Financial were worth $6,948,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Brighton Jones LLC raised its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the period. Woodline Partners LP boosted its holdings in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new position in Truist Financial during the 2nd quarter valued at $575,000. Beacon Pointe Advisors LLC grew its position in Truist Financial by 1.4% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 34,449 shares of the insurance provider’s stock valued at $1,481,000 after acquiring an additional 469 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter valued at $36,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TFC. Jefferies Financial Group began coverage on Truist Financial in a research report on Thursday, March 26th. They set an “underperform” rating and a $35.00 target price for the company. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Weiss Ratings downgraded shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Raymond James Financial lifted their price objective 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, Citigroup upped 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. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and a consensus target price of $54.75.

Truist Financial Trading Up 0.0%

Shares of NYSE TFC opened at $47.18 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The firm has a market cap of $58.54 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.80 and a beta of 0.89. The business has a fifty day simple moving average of $49.09 and a two-hundred day simple moving average of $47.59. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

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.