Smith Chas P & Associates PA Cpas Sells 18,578 Shares of Truist Financial Corporation $TFC

Smith Chas P & Associates PA Cpas lowered its holdings in Truist Financial Corporation (NYSE:TFC) by 77.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,449 shares of the insurance provider’s stock after selling 18,578 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in Truist Financial were worth $249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Brighton Jones LLC boosted its stake in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP lifted its holdings in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Truist Financial in the second quarter valued at approximately $575,000. Hantz Financial Services Inc. grew its stake in Truist Financial by 697.1% during the second quarter. Hantz Financial Services Inc. now owns 1,092 shares of the insurance provider’s stock valued at $47,000 after acquiring an additional 955 shares in the last quarter. Finally, Versor Investments LP purchased a new stake in Truist Financial in the 2nd quarter worth approximately $654,000. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’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 value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction 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 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 disclosure for this sale is available in the SEC filing. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

TFC stock opened at $49.32 on Wednesday. The stock has a market capitalization of $61.61 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 0.84 and a beta of 0.87. The firm’s 50-day moving average price is $51.17 and its two-hundred day moving average price is $47.64. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last announced 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 business 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 in the prior year, the firm earned $0.91 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

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

Truist Financial Announces Dividend

The company 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. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is 54.59%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings upgraded Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 25th. Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $69.00 in a research note on Tuesday, February 17th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Finally, Citigroup upped their target price on 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 given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

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.