Grantham Mayo Van Otterloo & Co. LLC Sells 26,313 Shares of Truist Financial Corporation $TFC

Grantham Mayo Van Otterloo & Co. LLC cut its holdings in Truist Financial Corporation (NYSE:TFC) by 25.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,720 shares of the insurance provider’s stock after selling 26,313 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Truist Financial were worth $3,462,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Independent Advisor Alliance raised its holdings in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after buying an additional 29,191 shares in the last quarter. Cullen Capital Management LLC boosted its stake in shares of Truist Financial by 10.3% during the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after acquiring an additional 427,067 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Truist Financial by 12.3% during the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after acquiring an additional 36,916 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after acquiring an additional 10,706 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Truist Financial by 18.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after acquiring an additional 26,530 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $46.75 on Tuesday. The company has a market cap of $58.39 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.79 and a beta of 0.87. The business has a 50 day moving average price of $50.94 and a 200 day moving average price of $47.74. 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 Corporation has a twelve month low of $33.56 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS 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 business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the firm earned $0.91 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors 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 4.4%. Truist Financial’s payout ratio is 54.59%.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TFC. Argus boosted their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target on the stock in a report on Monday. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Citigroup boosted their price objective 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. Finally, Raymond James Financial upped their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.47.

Insider Buying and Selling at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the business’s 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 transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were 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. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is owned by corporate insiders.

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.