Truist Financial Corporation $TFC Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its stake in Truist Financial Corporation (NYSE:TFC) by 6.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 665,207 shares of the insurance provider’s stock after selling 45,590 shares during the quarter. Rafferty Asset Management LLC’s holdings in Truist Financial were worth $30,413,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Truist Financial in the 2nd quarter worth approximately $487,401,000. Jennison Associates LLC lifted its stake in Truist Financial by 203.1% during the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after purchasing an additional 2,625,847 shares during the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Truist Financial by 4,121.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after purchasing an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after purchasing an additional 1,796,884 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Truist Financial by 1.3% during the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after purchasing an additional 1,529,478 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on TFC. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Argus lifted their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Insider Buying and Selling at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The stock was 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 in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by company insiders.

Truist Financial Trading Down 4.3%

NYSE:TFC opened at $49.26 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The business has a fifty day moving average of $51.21 and a 200-day moving average of $47.53. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market cap of $61.54 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its 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 net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the business posted $0.91 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

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

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.