Truist Financial Corporation $TFC Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC cut its holdings in Truist Financial Corporation (NYSE:TFC) by 23.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,328 shares of the insurance provider’s stock after selling 38,241 shares during the period. Highland Capital Management LLC’s holdings in Truist Financial were worth $5,821,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial in the first quarter valued at $25,000. Aspect Partners LLC grew its holdings in shares of 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 purchasing an additional 268 shares during the period. Princeton Global Asset Management LLC acquired a new stake in shares of Truist Financial during the 2nd quarter worth about $30,000. Capital A Wealth Management LLC raised 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. Finally, Ramirez Asset Management Inc. raised its holdings in Truist Financial by 60.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction 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 transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TFC. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday. Morgan Stanley lifted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $49.93.

Truist Financial Price Performance

TFC stock opened at $50.74 on Friday. The business’s 50-day moving average is $46.32 and its two-hundred day moving average is $44.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $64.91 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.10 and a beta of 0.90. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $50.86.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is 55.91%.

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.