Quantbot Technologies LP Decreases Holdings in Truist Financial Corporation $TFC

Quantbot Technologies LP trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 37.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,262 shares of the insurance provider’s stock after selling 31,817 shares during the period. Quantbot Technologies LP’s holdings in Truist Financial were worth $2,435,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Leisure Capital Management raised its position in Truist Financial by 1.2% in the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock worth $914,000 after acquiring an additional 230 shares during the period. Smith Thornton Advisors LLC increased its stake in shares of Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares during the last quarter. Gries Financial LLC raised its holdings in shares of Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 233 shares during the period. TD Waterhouse Canada Inc. lifted its stake in Truist Financial by 6.8% in the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 237 shares during the last quarter. Finally, Salomon & Ludwin LLC lifted its stake in Truist Financial by 1.1% in the third quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after purchasing an additional 239 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $56.00 to $69.00 in a research note on Tuesday, February 17th. Raymond James Financial upped 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. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Robert W. Baird lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Citigroup raised their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.47.

Truist Financial Stock Performance

Truist Financial stock opened at $49.32 on Wednesday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $61.61 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87. The firm’s 50 day simple moving average is $51.17 and its 200 day simple moving average is $47.64.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 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 analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio is currently 54.59%.

Truist Financial declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.14% of the company’s stock.

Truist Financial 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.