Truist Financial Corporation $TFC Stake Lowered by Parnassus Investments LLC

Parnassus Investments LLC decreased its stake in Truist Financial Corporation (NYSE:TFC) by 3.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,421,042 shares of the insurance provider’s stock after selling 55,390 shares during the period. Parnassus Investments LLC’s holdings in Truist Financial were worth $64,970,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Aspect Partners LLC increased its holdings in shares of Truist Financial by 71.5% in 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. Princeton Global Asset Management LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares during the period. Darwin Wealth Management LLC grew its holdings in Truist Financial by 631.6% in the 3rd 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. Finally, Ramirez Asset Management Inc. raised its stake in Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 300 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.62 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $64.75 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.97 and a beta of 0.89. The stock has a fifty day moving average of $47.70 and a 200-day moving average of $45.74. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51.

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

Truist Financial declared that its Board of Directors has authorized 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 a sign that the company’s board of directors believes its shares are undervalued.

Truist Financial Announces Dividend

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday. Morgan Stanley increased their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Truist Financial in a research note on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $52.80.

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.