Professional Advisory Services Inc. Decreases Stake in Truist Financial Corporation $TFC

Professional Advisory Services Inc. lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 5.6% during the third quarter, HoldingsChannel reports. The fund owned 436,633 shares of the insurance provider’s stock after selling 25,740 shares during the period. Truist Financial comprises approximately 2.6% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 21st biggest holding. Professional Advisory Services Inc.’s holdings in Truist Financial were worth $19,963,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Aspect Partners LLC boosted its position 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 in the last quarter. Darwin Wealth Management LLC boosted its holdings 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. Princeton Global Asset Management LLC purchased a new stake in Truist Financial during the second quarter worth about $30,000. Capital A Wealth Management LLC grew its position in 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. Finally, Ramirez Asset Management Inc. increased its holdings in Truist Financial by 60.0% in the second 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 in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were 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 of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Stock Down 0.5%

Shares of NYSE:TFC opened at $50.01 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $63.98 billion, a P/E ratio of 13.44, a P/E/G ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.51. The stock’s fifty day simple moving average is $48.39 and its 200-day simple moving average is $46.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.97 EPS. As a group, 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 of Directors has authorized a share repurchase program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

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 $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is currently 55.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Piper Sandler set a $48.00 price target on Truist Financial in a research note on Monday, October 20th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Raymond James Financial upped their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. TD Cowen lifted their price target on Truist Financial from $55.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target 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.