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

King Luther Capital Management Corp lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 94.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 238,788 shares of the insurance provider’s stock after purchasing 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 SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Aspect Partners LLC increased its position in shares of 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 in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial in the 3rd quarter worth $28,000. Capital A Wealth Management LLC increased its holdings in 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 raised its stake in shares of Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Truist Financial in the second quarter valued at about $36,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated 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 transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 21,660 shares of company stock valued at $1,075,087. 0.17% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent research reports. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $56.00 to $69.00 in a research report on Tuesday. Citigroup raised their price target 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. Raymond James Financial boosted their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods raised 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. Finally, Argus lifted their price target 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. Eight equities research analysts have rated the stock with a Buy rating, six have assigned 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 an average target price of $56.47.

Truist Financial Stock Performance

Shares of TFC opened at $51.76 on Friday. The company has a market cap of $66.21 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.89 and a beta of 0.89. The firm has a 50-day moving average of $51.14 and a 200-day moving average of $47.22. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86.

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

Truist Financial announced that its Board of Directors has initiated a share 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 buy 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is currently 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.