Kornitzer Capital Management Inc. KS Sells 23,400 Shares of Truist Financial Corporation $TFC

Kornitzer Capital Management Inc. KS lowered its position in Truist Financial Corporation (NYSE:TFC) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 722,761 shares of the insurance provider’s stock after selling 23,400 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.06% of Truist Financial worth $33,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in TFC. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in Truist Financial in the second quarter valued at $30,000. Capital A Wealth Management LLC raised its position in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Darwin Wealth Management LLC raised its position in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Finally, Ramirez Asset Management Inc. lifted its holdings in Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after buying an additional 300 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Up 1.2%

TFC stock opened at $50.17 on Tuesday. The stock’s 50 day simple moving average is $48.87 and its 200 day simple moving average is $46.22. The company has a market cap of $64.18 billion, a P/E ratio of 13.17, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $51.51.

Truist Financial (NYSE:TFC) last released 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 firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. On average, research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has approved a share repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. 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. UBS Group set a $55.00 target price on shares of Truist Financial in a research report on Tuesday, October 21st. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and increased their price objective for the stock from $49.00 to $58.00 in a research report on Tuesday, January 6th. Finally, Citigroup boosted their target price on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 31st. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.20.

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 dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.14% of the company’s stock.

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.