Korea Investment CORP Buys 369,300 Shares of Truist Financial Corporation $TFC

Korea Investment CORP lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 175.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 580,020 shares of the insurance provider’s stock after purchasing an additional 369,300 shares during the quarter. Korea Investment CORP’s holdings in Truist Financial were worth $26,519,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Valley Wealth Managers Inc. bought a new stake in Truist Financial during the third quarter worth about $28,000. Darwin Wealth Management LLC grew its stake in 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 buying an additional 600 shares in the last quarter. Capital A Wealth Management LLC increased its holdings in Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after buying an additional 678 shares during the period. Twin Peaks Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter valued at about $36,000. Finally, Tripletail Wealth Management LLC bought a new position in Truist Financial in the 3rd quarter valued at about $37,000. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction dated Monday, January 26th. The shares were 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 of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.14% of the company’s stock.

Truist Financial Trading Up 0.5%

Shares of Truist Financial stock opened at $46.75 on Tuesday. The firm’s 50 day moving average is $50.94 and its 200 day moving average is $47.74. The firm has a market capitalization of $58.39 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87. 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.

Truist Financial (NYSE:TFC) last issued 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). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the previous year, the company earned $0.91 EPS. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Argus lifted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 target price for the company in a research note on Monday. Keefe, Bruyette & Woods raised their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Finally, Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $56.00 to $69.00 in a research note on Tuesday, February 17th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

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.