Princeton Capital Management LLC Reduces Position in Truist Financial Corporation $TFC

Princeton Capital Management LLC decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 64.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,090 shares of the insurance provider’s stock after selling 27,439 shares during the period. Princeton Capital Management LLC’s holdings in Truist Financial were worth $690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Asahi Life Asset Management CO. LTD. bought a new position in Truist Financial in the 3rd quarter worth $452,000. Hillsdale Investment Management Inc. raised its stake in shares of Truist Financial by 504.0% in the third quarter. Hillsdale Investment Management Inc. now owns 1,510 shares of the insurance provider’s stock worth $69,000 after buying an additional 1,260 shares during the period. Bridgewater Advisors Inc. raised its stake in shares of Truist Financial by 9.4% in the third quarter. Bridgewater Advisors Inc. now owns 7,963 shares of the insurance provider’s stock worth $364,000 after buying an additional 686 shares during the period. Mcrae Capital Management Inc. lifted its position in shares of Truist Financial by 0.3% during the 3rd quarter. Mcrae Capital Management Inc. now owns 302,859 shares of the insurance provider’s stock valued at $13,847,000 after buying an additional 780 shares in the last quarter. Finally, King Luther Capital Management Corp grew its stake in shares of Truist Financial by 94.2% during the 3rd quarter. King Luther Capital Management Corp now owns 238,788 shares of the insurance provider’s stock valued at $10,917,000 after acquiring an additional 115,809 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 21,660 shares of company stock worth $1,075,087 in the last quarter. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

TFC opened at $52.35 on Friday. 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 capitalization of $66.97 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.89 and a beta of 0.89. The company has a fifty day moving average of $51.19 and a 200 day moving average of $47.31. 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 released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 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%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its board has authorized a share repurchase program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is presently 54.59%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. The Goldman Sachs Group restated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Piper Sandler raised their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Evercore reiterated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Raymond James Financial boosted their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $56.47.

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.