Xponance Inc. Decreases Stake in Truist Financial Corporation $TFC

Xponance Inc. reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 5.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 180,441 shares of the insurance provider’s stock after selling 10,799 shares during the period. Xponance Inc.’s holdings in Truist Financial were worth $8,250,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Aspect Partners LLC lifted its position in Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the period. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter worth about $28,000. Capital A Wealth Management LLC raised its stake in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Darwin Wealth Management LLC lifted its holdings in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter valued at approximately $36,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

NYSE:TFC opened at $49.26 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a 50 day moving average price of $51.21 and a 200-day moving average price of $47.56. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The firm has a market cap of $61.54 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89.

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 firm had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted $0.91 earnings per share. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date is 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 (DPR) is 54.59%.

Truist Financial announced that its Board of Directors has approved 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 buy up to 15.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TFC shares. Evercore reiterated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. TD Cowen upped their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Piper Sandler boosted their target price 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. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Insider Activity

In other Truist Financial 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 sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred 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 $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

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.