iSAM Funds UK Ltd Makes New Investment in Truist Financial Corporation $TFC

iSAM Funds UK Ltd purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 103,928 shares of the insurance provider’s stock, valued at approximately $4,752,000. Truist Financial comprises approximately 1.0% of iSAM Funds UK Ltd’s holdings, making the stock its 7th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Independent Advisor Alliance boosted its stake in shares of Truist Financial by 9.7% in the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares during the last quarter. Cullen Capital Management LLC raised its stake in Truist Financial by 10.3% during the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after buying an additional 427,067 shares during the last quarter. Brookstone Capital Management raised its stake in Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after buying an additional 36,916 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Truist Financial by 2.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after buying an additional 10,706 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after buying an additional 26,530 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the topic of a number of research analyst reports. Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Citigroup upped their target price on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. JPMorgan Chase & Co. raised their target price on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $56.00 to $69.00 in a report on Tuesday, February 17th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average price target of $56.47.

Truist Financial Stock Down 1.3%

Shares of NYSE:TFC opened at $43.82 on Friday. The business’s 50 day moving average is $50.60 and its 200 day moving average is $47.69. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The stock has a market cap of $54.73 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 0.75 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released 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). 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 analysts’ expectations of $5.32 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial’s dividend payout ratio is presently 54.59%.

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

Insider Activity

In related news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.17% of the company’s stock.

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.