Ossiam Buys 257,603 Shares of Truist Financial Corporation $TFC

Ossiam grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 697.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,525 shares of the insurance provider’s stock after buying an additional 257,603 shares during the quarter. Ossiam’s holdings in Truist Financial were worth $13,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Truist Financial in the second quarter worth approximately $575,000. Police & Firemen s Retirement System of New Jersey grew its position in Truist Financial by 2.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 198,046 shares of the insurance provider’s stock valued at $8,514,000 after buying an additional 4,222 shares during the period. Finally, ABN Amro Investment Solutions purchased a new stake in Truist Financial during the second quarter valued at approximately $4,783,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on TFC. Morgan Stanley upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $56.00 to $69.00 in a research report on Tuesday, February 17th. Argus upped their price objective on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Piper Sandler boosted their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Finally, Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective on the stock in a research note on Monday, March 9th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.47.

Truist Financial Stock Down 1.3%

TFC opened at $43.82 on Friday. The stock has a market cap of $54.73 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. 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 firm’s fifty day moving average is $50.60 and its 200 day moving average is $47.69. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC) last posted 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 business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed 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. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Truist Financial declared that its board has approved a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was 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 of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

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.