Interval Partners LP Sells 19,973 Shares of Truist Financial Corporation $TFC

Interval Partners LP reduced its position in shares of Truist Financial Corporation (NYSE:TFC) by 7.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 237,375 shares of the insurance provider’s stock after selling 19,973 shares during the period. Interval Partners LP’s holdings in Truist Financial were worth $10,853,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TFC. Brighton Jones LLC lifted its stake in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Woodline Partners LP grew its stake in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $575,000. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Truist Financial by 2.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 198,046 shares of the insurance provider’s stock valued at $8,514,000 after purchasing an additional 4,222 shares during the last quarter. Finally, ABN Amro Investment Solutions bought a new stake in shares of Truist Financial in the second quarter worth $4,783,000. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $43.82 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company’s fifty day simple moving average is $50.60 and its 200 day simple moving average is $47.69. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The company 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.

Truist Financial (NYSE:TFC) last announced 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 firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the business earned $0.91 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its board 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 repurchase up to 15.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

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

Analyst Ratings Changes

Several brokerages recently commented on TFC. Weiss Ratings cut shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Argus raised their price objective on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

About Truist Financial

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.